IndusInd Bank on Wednesday reported a 58 per cent year-on-year (YoY) rise in consolidated net profit at Rs 1,964 for the December quarter crore compared with Rs 1,242 crore in the same quarter last year. Net interest income (NII) for the quarter rose 18 per cent to Rs 4,495 crore from Rs 3,793 crore in the year-ago quarter. Net interest margin (NIM) for the quarter improved to 4.27 per cent compared with 4.24 per cent in the September quarter and 4.10 per cent in the same quarter last year.
Asset quality improved, with gross non-performing assets as percentage of total advances coming in at 2.06 per cent compared with 2.11 per cent in September and 2.48 per cent in the year-ago quarter. Net NPA came in at 0.62 per cent, the company said in a BSE filing. The lender made provisions worth Rs 1,064.73 crore for the quarter against Rs 1,141.06 crore in September and Rs 1,654.20 crore in the same quarter last year.
IndusInd Bank said its pre provision operating profit stood at Rs 3,686 crore for the quarter, up 11 per cent over Rs 3,312 crore in the corresponding quarter of last year. Deposits for the quarter rose 14 per cent to Rs 3,25,278 crore from Rs 2,84,484 crore YoY. CASA grew 14 per cent YoY, IndusInd Bank said.
Yield on assets stood at 8.99 per cent for the quarter against 8.36 per cent in the corresponding quarter of previous year. Cost of fund came in at 4.72 per cent against 4.26 per cent YoY.
Also read: 70% upside! Adani Enterprises shares can hit Rs 5,999 level in 24 months, says Ventura Securities
Also read: Sensex tops 61K, Nifty settles above 18,150; Tata Steel jumps 3%, Nykaa drops 3%
