IndusInd Bank second quarter net profit jumps 73% to Rs 1,147 crore

Don't want to miss the best from Business Standard?

Private sector lender IndusInd Bank on Wednesday reported a 73 per cent rise in its consolidated net profit to Rs 1,146.73 crore for the second quarter ended September 30.

The bank had posted a net profit of Rs 663.08 crore in the year-ago period.

Total income during the July-September quarter rose to Rs 9,488.06 crore from Rs 8,731.52 crore a year ago, IndusInd Bank said in a regulatory filing.

Interest income moved up at Rs 7,650.36 crore from Rs 7,177.21 crore.

On a standalone basis, the net profit increased by 72 per cent to Rs 1,113.53 crore from Rs 647.04 crore. And the total income rose to Rs 9,487.56 crore against Rs 8,731.05 crore.

Bank's provisions for bad loans and contingencies fell to Rs 1,703.36 crore for the quarter from Rs 1,964.44 crore reserved for the year-ago period.

However, there was an uptick in the bank's gross bad loan proportion at 2.77 per cent of gross advances as of September 30, 2021, against 2.21 per cent a year earlier.

Net NPAs too increased to 0.80 per cent from 0.52 per cent.

The scrip of IndusInd Bank closed at Rs 1,135.10 apiece on BSE, down 1.69 per cent from the previous close.