IndusInd Bank's Q4 profit slumps 77% QoQ to Rs 302 cr, provisions jump 2x

To cushion against the uncertainties arising due to the outbreak of the coronavirus (Covid-19) pandemic, the bank has provided for Rs 260 crore under the provisions and contigencies segment

IndusInd Bank on Monday reported a 77 per cent sequential decline in standalone net profit at Rs 301.84 crore in the March quarter of FY20 (Q4FY20), against Rs 1,300.2 crore clocked in the December quarter of current fiscal (Q3FY20). On a consolidated basis, the net profit was Rs 315.25 crore.

The bank’s earnings are not comparable on a yearly basis owing to its merger with Bharat Financial in July, 2019. In Q4FY19, the PAT stood at Rs 360.1 crore. 

The numbers met Street estimates that had anticipated an over 70 per cent QoQ decline in net profit.

Analysts at Nomura,