IndusInd Bank Q4 profit plunges 62% to Rs 360 cr as provisions swell 5 times

IndusInd Bank on Wednesday reported a 62.21 per cent year-on-year (YoY) plunge in net profit at Rs 360.10 crore for the March quarter, led by five times jump in provisions. Analysts in an ET Now poll had estimated profit to be at Rs 765 crore.

The bank had reported Rs 953.09 crore profit in the same quarter last year.

The bank made provisions and contingencies worth Rs 1,560.69 crore during the quarter under review compared with Rs 606.68 crore in December quarter and Rs 335.55 crore in the year-ago quarter.


Net interest income (NII) for the quarter came in at Rs 2,232 crore against ET now poll estimate of Rs 2,696 crore.

Asset quality deteriorated with gross non-performing assets(GNPA) rising to 2.10 per cent in March quarter from 1.13 per cent in December quarter and 1.17 per cent in the corresponding quarter last year.

Net NPA stood at 1.21 per cent which was also higher than 0.59 per cent in the third quarter and 0.51 per cent in the year-ago quarter.

The bank board recommended a dividend of Rs 7.50 per share on the face value of Rs 10.