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IndusInd Bank corrects over 7% in two sessions

Capital Market 

IndusInd Bank fell 3.66% to Rs 1426.85, extending losses for second consecutive session as spike in provisions and worsening asset quality concerned investors.

IndusInd Bank 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.

Employee costs jumped 21.69% to Rs 550.10 crore YoY. The bank's provisions and contingencies (excluding tax provisions) jumped 72% to Rs 1043.45 crore in Q3 December 2019 over Q3 December 2018. The figure rose 41.44% in Q3 December 2019 compared with Rs 737.71 in Q2 September 2019.

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.

"For the fraud detected during the quarter in respect of exposure towards two entities, the bank has made necessary provision in accordance with the RBI guidelines," the company said in notes to accounts.

The media reported that the two fraud accounts are Dewan Housing Finance Corporation (DHFL) and Cox and Kings.

The result was announced during market hours yesterday, 14 January 2020. Following the result announcement, the stock fell 3.85% to end at Rs 1,481.10 on Tuesday. The stock has fallen 7.37% in two sessions from its previous closing high of Rs 1540.45 on 13 January 2020.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, January 15 2020. 09:37 IST
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