IndusInd Bank Q1 net profit jumps 38% to Rs 1,433 crore, asset quality stable

NEW DELHI: Private lender IndusInd Bank on Friday reported a 38.30 per cent year-on-year jump in consolidated profit at Rs 1,432.50 crore for the June quarter. The bank had reported a net of Rs 1,035.72 crore in the year ago period.

Analysts in an ET NOW poll had projected a profit of Rs 1,181 crore.

The lender posted a net interest income of Rs 2,844 crore against ET NOW poll estimate of Rs 2,866 crore. Gross NPA stood at 2.15 per cent in the June quarter against 2.10 per cent sequentially, while net NPA came in at 1.25 per cent compared with 1.20 per cent on a quarter-on-quarter basis.

The lender’s absolute gross NPA was Rs 4,200 crore against Rs 3,947 crore in March quarter.

Meanwhile, provisions of the bank inched up to Rs 431 crore on a yearly basis from Rs 350 crore, while they saw a big slump from Rs 1,560 crore on a quarterly basis.