IndusInd Bank Q1 consolidated net profit nearly doubles to Rs 1,016 cr

Net interest income rises 8% to Rs 3,564 cr

Private lender IndusInd Bank on Tuesday reported a 99% year-on-year (YoY) rise in consolidated net profit at Rs 1,016 crore for the quarter ended June 30. The lender had posted a net profit of Rs 510 crore in the corresponding quarter last year.

Net interest income for the quarter was at Rs 3,564 crore as against Rs 3,309 crore a year ago. 

Its total income during April-June 2021 rose to Rs 9,362.76 crore from Rs 8,682.17 crore in the year-ago period, according to a regulatory filing by IndusInd Bank.

Interest income was up at Rs 7,574.70 crore, against Rs 7,161.73 crore a year ago.

Income from retail banking rose nearly 22 per cent to Rs 5,685.53 crore in the June 2021 quarter, from Rs 4,674.06 crore in the year-ago quarter.

The bank's asset quality showed little impairment on a gross level, as the non-performing assets (NPAs) rose slightly to 2.88 per cent of the gross advances as of June 2021, as against 2.53 per cent by the year-ago period.

Net NPAs or bad loans, however, came down to 0.84 per cent from 0.86 per cent a year ago.

Provisioning for bad loans and contingencies for the reported quarter came down to Rs 1,844.02 crore, from the Rs 2,258.88 crore parked aside for same quarter of 2020-21.

The bank's consolidated financial statement comprises statements of IndusInd Bank, Bharat Financial Inclusion Ltd (fully owned subsidiary), and IndusInd Marketing and Financial Services Pvt Ltd (associate company).

On a standalone basis, the lender's net profit jumped over two times to Rs 974.95 crore in the June 2021 quarter, compared with Rs 460.64 crore in the year-ago period.

Income rose to Rs 9,355.77 crore, from Rs 8,680.92 crore a year ago, the bank said.

On Tuesday, the lender's scrip on NSE closed trading 1% lower at Rs 971.50.