IndusInd Bank net profit dips over 53% to Rs 647 crore in Sept quarter

IndusInd Bank on Friday reported over 53 per cent decline in its standalone net profit at Rs 647.04 crore in the three months ended September.

The bank had posted a net profit of Rs 1,383.37 crore in the year-ago period.

On the standalone basis, total income fell to Rs 8,731.05 crore in the second quarter of the current financial year. In the same period a year ago, it stood at Rs 8,877.02 crore, IndusInd Bank said in a regulatory filing.

The bank's gross Non-Performing Assets (NPAs) slightly increased to 2.21 per cent of the gross advances as of September 30, 2020 from 2.19 per cent in the year-ago period.

In value terms, the gross NPAs touched Rs 4,532.15 crore in the latest September quarter as against Rs 4,370.20 crore in the same period a year ago.

Net NPAs, however, came down substantially to 0.52 per cent (Rs 1,055.81 crore) from 1.12 per cent (Rs 2,202.57 crore).

Provisions for bad loans and contingencies in the September quarter more than doubled to Rs 1,964.44 crore from Rs 737.71 crore in the year-ago period.

On a consolidated basis, the lender's net profit dipped to Rs 663.08 crore in the latest September quarter from Rs 1,400.96 crore in the same period a year ago.

Total income declined to Rs 8,731.52 crore in the three months ended September 2020. It was at Rs 8,877.53 crore in the year-ago period.

The consolidated results included statements from Bharat Financial Inclusion (subsidiary) and IndusInd Marketing and Financial Services (associate)

Stock of IndusInd Bank closed at Rs 585.60 apiece on BSE, down 0.53 per cent.