IndusInd bank reports 33 pc jump in Q3 net profit at Rs 1,309 crore

Private sector lender IndusInd Bank on Tuesday reported 33 per cent jump in its net profit for the October to December quarter (Q3 FY20) at Rs 1,309 crore as against Rs 985 crore in the corresponding quarter of the previous year.

The net interest income totalled Rs 3,074 crore as against Rs 2,288 crore in Q3 FY19, marking a growth of 34 per cent. The non-interest income for Q3 FY20 was Rs 1,790 crore as against Rs 1,469 crore in the same quarter of the previous year, up 22 per cent.

However, net non-performing assets as on December 31, 2019, were at 1.05 per cent as against 0.59 per cent on December 31, 2018.

Total advances as on December 31 last year were at Rs 2.07 lakh crore as compared to Rs 1.73 lakh crore on December 31, 2018, recording a growth of 20 per cent.

At the same time, total deposits moved up by 23 per cent at Rs 2.16 lakh crore as compared to Rs 1.75 lakh crore in the same period.

"During Q3 FY-20, the bank witnessed a healthy growth in its topline as well as in operating profits," said Managing Director and CEO Romesh Sobti. "We look forward to moving into the subsequent quarters with renewed momentum," he said in a statement.

The lender reported pre-provision operating profit for the quarter at Rs 2,758 crore as against Rs 2,117 crore in the corresponding quarter of the previous year, showing a growth of 30 per cent.

Besides, the bank's network increased to 1,851 branches and banking outlets along with 2,721 ATMs as on December 31, 2019, as against 1,558 branches and banking outlets along with 2,453 ATMs as on December 31, 2018.