IndusInd Bank's net profit fell 16.17% to Rs 301.84 crore on 21.29% rise in total income to Rs 9158.57 crore in Q4 March 2020 over Q4 March 2019.
The private lender's profit before tax (PBT) contracted 21.92% to Rs 395.85 crore in Q4 March 2020 from Rs 507 crore in Q4 March 2019The result was announced after market hours on Monday, 27 April 2020. Shares of IndusInd Bank surged 6.33% to Rs 407.35 on Monday.
Meanwhile, the S&P BSE Sensex rose 415.86 points, or 1.33% to 31,743.08.
The bank's provisions and contingencies jumped 56.36% to Rs 2440.32 crore in Q4 March 2020 over Q4 March 2019.
The bank's gross non-performing assets (NPAs) stood at Rs 5146.74 crore as on 31 March 2020 as against Rs 4578.43 crore as on 31 December 2019 and Rs 3947.41 crore as on 31 March 2019.
The ratio of gross NPAs to gross advances stood at 2.45% as on 31 March 2020 as against 2.18% as on 31 December 2019 and 2.10% as on 31 March 2019.
The ratio of net NPAs to net advances stood at 0.91% as on 31 March 2020 as against 1.05% as on 31 December 2019 and 1.21% as on 31 March 2019.
The bank said, "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 and year ended 31 March 2020, the bank has made a counter cyclical buffer/ floating provision of Rs.260 crore."
The private lender's net profit rose 33.83% to Rs 4417.91 crore on 28.04% rise in total income to Rs 35734.14 crore in the year ended March 2020 (FY20) over the year ended March 2019 (FY19). PBT stood at Rs 6120.61 crore in FY20, up by 22.88% from Rs 4980.57 crore in FY19.
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, as against 1,665 branches/banking outlets and 2,545 onsite & offsite ATMs across 736 geographic locations as of 31 March 2019.
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