IndusInd Bank corrects after Q3 results

IndusInd Bank on Tuesday said its net profit rose 32% Rs 1300.20 crore in Q3 December 2019 from Rs 985.03 crore in Q3 December 2018.

The bank's net interest income jumped 34.35% year-on-year (YoY) to Rs 3074 crore in Q3 December 2019. The result was announced during market hours today, 14 January 2020.

Gross non-performing assets (NPAs) stood at Rs 4578.43 crore as on 31 December 2019 as against Rs 4370.2 crore as on 30 September 2019 and Rs 1968.15 crore as on 31 December 2018.

The ratio of gross NPAs to gross advances stood at 2.18% as on 31 December 2019 as against 2.19% as on 30 September 2019 and 1.13% as on 31 December 2018.

The ratio of net NPAs to net advances stood at 1.05% as on 31 December 2019 as against 1.12% as on 30 September 2019 and 0.59% as on 31 December 2018.

The bank's provisions and contingencies (excluding tax provisions) jumped 72% to Rs 1043.45 crore in Q3 December 2019 over Q3 December 2018.

Commenting on the performance, Romesh Sobti, managing director & CEO, Induslnd Bank said, "During Q3 December 2019, the bank witnessed a healthy growth in its topline as well as in operating profits. The bank also reached a milestone as the balance sheet footage crossed Rs 3 trillion and the advances crossed the Rs 2 trillion mark. PCR has been increased to 53% to strengthen the balance sheet. We look forward to moving Into the subsequent quarters with renewed momentum."

Shares of IndusInd Bank turned volatile post result announcement. The stock was down 2.81% at Rs 1497.15. It reversed trend after rising as much as 2.99% to hit the day's high of Rs 1586.55 in afternoon trade.

As on 31 December 2019, Induslnd Bank has 1851 branches/ banking outlet and 2721 ATMs spread across 745 geographical locations of the country.

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