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IndusInd Bank on Wednesday reported a 60.5% jump in net profit at Rs 1,631.02 crore for the quarter ended June, mainly due to a fall in bad loans.
The private sector lender had posted a net profit of Rs 1,016.11 crore in the year-ago period.
In the first quarter of the current fiscal, the bank's total income increased to Rs 10,113.29 crore as against Rs 9,298.07 crore in the same period a year ago.
Interest income in the June quarter rose 9.5% to Rs 8,181.77 crore compared to the year-ago period, according to a regulatory filing.
The bank witnessed an improvement in its gross Non-Performing Assets (NPAs) at 2.35% of the gross advances at the end of June as against 2.88% in the year-ago period.
However, the figure for the latest June quarter is higher than 2.27% recorded in the March quarter.
The bank's net NPAs or bad loans fell to 0.67% (Rs 1,661.21 crore) from 0.84% (Rs 1,759.59 crore) on an annual basis.
Sequentially, it was higher compared to 0.64% (Rs 1,529.83 crore).
According to the filing, there was decrease in provisioning and contingencies requirement on an yearly basis, with the bank keeping aside Rs 1,250.99 crore for the June quarter. In the year-ago period, an amount of Rs 1,779.33 crore was set aside for the purpose.
In the March quarter, the provisions and contingencies stood at Rs 1,461.62 crore. Shares of IndusInd Bank rose 1.15% to close at Rs 878.45 apiece on BSE.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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First Published: Wed, July 20 2022. 16:30 IST