You are here: Home » News-CM » Equities » Hot Pursuit
Business Standard

IndusInd Bank Q1 PAT skids 68% to Rs 461 cr

Capital Market 

The private lender's standalone net profit slumped 67.84% to Rs 460.64 crore on 0.65% rise in total income to Rs 8,680.92 crore in Q1 June 2020 over Q1 June 2019.

Profit before tax (PBT) dropped 72.11% to Rs 602.45 crore in Q1 FY21 as against Rs 2,160.34 crore in Q1 FY20. Tax expense tanked 80.51% to Rs 141.81 crore in Q1 FY21 compared with Rs 727.84 crore in Q1 FY20. The result was declared after trading hours today, 28 July 2020.

The bank's gross non-performing assets (NPAs) stood at Rs 5,098.95 crore as on 30 June 2020 as against Rs 5,146.74 crore as on 31 March 2020 and Rs 4,199.66 crore as on 30 June 2019. The ratio of gross NPAs to gross advances stood at 2.53% as on 30 June 2020 as against 2.45% as on 31 March 2020 and 2.15% as on 30 June 2019. The ratio of net NPAs to net advances stood at 0.86% as on 30 June 2020 as against 0.91% as on 31 March 2020 and 1.23% as on 30 June 2019.

The bank's provisions and contingencies surged 424.56% to Rs 2,258.88 crore in Q1FY21 over Rs 430.62 crore in Q1FY20.

IndusInd Bank has said that the extent to which COVID-19 pandemic will impact the bank's operations and financial results is dependent on the future developments, which are highly uncertain. In this backdrop, during the quarter ended 30 June 2020, IndusInd Bank made an internal assessment of the impact of the pandemic basis the current level of economic activities and the projected trajectory for the near future and made a countercyclical buffer/floating provision of Rs 500 crore, over and above Rs 260 crore made during the quarter and year ended 31 March 2020.

Meanwhile, the bank's board approved issuing over 4,76,29,768 equity shares on preferential basis at issue price of Rs 524 per share to Route One Offshore Master Fund LP Route One Fund I LP, ICICI Prudential Life Insurance Company, Tata Investment Corporation and AIA Company.

The board also approved issuing over 1,51,17,477 equity shares on preferential basis at Rs 524 per share to promoter IndusInd International Holdings and Hinduja Capital (non-QIBs).

IndusInd Bank caters to the needs of both consumer and corporate customers. As of 31 March 2020, the bank's distribution network included 1,911 branches/banking outlets and 2,760 onsite & offsite ATMs across 751 geographic locations.

Shares of IndusInd Bank advanced 4.05% to Rs 526.90. The stock traded in the range of Rs 511.05 to Rs 529.10 during market hours, today.

Powered by Capital Market - Live News

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

First Published: Tue, July 28 2020. 17:37 IST