IndusInd Bank reports 21% rise in Q4 net profit, asset quality stable
The Hinduja group-controlled bank had reported a net profit of Rs 620.35 crore in the corresponding quarter of last year.
By ETMarkets.com | Updated:
NEW DELHI: Private lender IndusInd Bank on Wednesday reported a 21.16 per cent YoY rise in net profit atRs 751.61 crore for the quarter ended March 31, 2016.
The numbers came in lower than Rs 780 crore estimated by analysts in an ET Now poll.
The Hinduja group-controlled bank had reported a net profit of Rs 620.35 crore for the corresponding quarter of last year.
Interest earned rose to Rs 3,830 crore for the March quarter, up 19.41 per cent YoY from Rs 3207.36 crorereported for the same quarter last year.
The bank said its gross non-performing assets (NPAs) stood at 0.93 per cent at the end of fourth quarter, compared with 0.94 per cent in third quarter. On net basis, NPAs remained unchanged at 0.39 per cent sequentially.
Provisions for the quarter stood at Rs 430 crore against Rs 217 crore made in December quarter and Rs 214 crore in the year-ago quarter.
“Provisions include one-off provision of Rs 120 crore towards one large corporate loan (classified as standard asset); management indicated that the probability of reversal high in near future,” Emkay Global Financial Services said in a note.
NIM stood flat at 4 per cent on a sequential basis
The numbers came in lower than Rs 780 crore estimated by analysts in an ET Now poll.
The Hinduja group-controlled bank had reported a net profit of Rs 620.35 crore for the corresponding quarter of last year.
Interest earned rose to Rs 3,830 crore for the March quarter, up 19.41 per cent YoY from Rs 3207.36 crorereported for the same quarter last year.
The bank said its gross non-performing assets (NPAs) stood at 0.93 per cent at the end of fourth quarter, compared with 0.94 per cent in third quarter. On net basis, NPAs remained unchanged at 0.39 per cent sequentially.
Provisions for the quarter stood at Rs 430 crore against Rs 217 crore made in December quarter and Rs 214 crore in the year-ago quarter.
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“Provisions include one-off provision of Rs 120 crore towards one large corporate loan (classified as standard asset); management indicated that the probability of reversal high in near future,” Emkay Global Financial Services said in a note.
NIM stood flat at 4 per cent on a sequential basis
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