IndusInd Bank reports 190% growth in Q4 net profit at Rs 876 crore

The lender's net interest income, the difference between interest earned and interest expended came in at Rs 3,534 crore for the quarter under review

IndusInd Bank on Friday reported 190 per cent year-on-year growth in standalone net profit at Rs 876 crore for the quarter ended, March, 2021 as compared to Rs 302 crore in the same period last year.

The lender's net interest income, the difference between interest earned and interest expended came in at Rs 3,535 crore for the quarter under review as against Rs 3,231 crore in the last year quarter. This is a rise of 9.4 per cent.

Gross non performing assets (NPAs) of the bank stood at 2.67 per cent compared to  2.93 per cent in the previous quarter. Meanwhile net NPAs of the lender stood at 0.69 per cent. The lender's Board has declared a dividend of Rs 5 per share.

Commenting on the performance, Sumant Kathpalia, Managing Director and CEO of IndusInd Bank said: "The Bank witnessed healthy growth in its top line as well as in its Pre-Provision Operating Profits. The bank is also carrying significant buffers outside these provisions as a prudent measure. Our areas of domain expertise such as vehicle finance, micro-finance and diamond finance have witnessed strong disbursements and we expect the growth to become further broad-based in the current financial year."

Other income in the March quarter stood at Rs 1,780 crore as against Rs 1,773 crore for the corresponding quarter of previous year.

Provision Coverage Ratio came in at 75 per cent, while Capital adequacy (CRAR) ratio stood at 17.38 per cent. 

Total deposits as of March 31 were Rs 2,55,870 crore as against Rs 2,02,027 crores in the same period last year, an increase of 27 per cent.

"Liquidity Coverage Ratio at 145 per cent underscores the strength of operating performance of the Bank and adequacy of capital and liquidity buffer," IndusInd Bank said in a filing.

IndusInd Bank's scrip closed 0.48 per cent lower at Rs 934.95 on NSE.