IndusInd Bank reported 53.2% decline in net profit to Rs 647.04 crore on 1.6% fall in total income to Rs 8,731.05 crore in Q2 FY21 over Q2 FY20.
Profit before tax in Q2 September 2020 stood at Rs 866.09 crore, down 53.5% from Rs 1,862.23 crore in Q2 September 2019. Tax expense during the quarter fell by 54.3% to Rs 219.05 crore.
The bank's provisions and contingencies increased by 166.3% to Rs 1,964.44 crore in Q2 FY21 from Rs 737.71 crore in Q2 FY20. "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 view of the same, the bank has made incremental regulatory, floating, counter cyclical and or contingent provisions amounting to Rs 952 crore during the quarter ended 30 September 2020, taking the total amount of such provisions to Rs 2,155 crore as of 30 September 2020, IndusInd Bank said.
As of 30 September 2020, the bank's advances in special mention accounts (SMA)/overdue categories, where the moratorium/deferment was extended aggregated to Rs 17,617.22 crore (8.75% of total advances). The bank has made a provision of Rs 430 crore on the same.
Gross non-performing assets (NPAs) stood at Rs 4,532.15 crore as on 30 September 2020 as against Rs 5,098.95 crore as on 30 June 2020 and Rs 4,370.20 crore as on 30 September 2019.
The ratio of gross NPAs to gross advances stood at 2.21% as on 30 September 2020 as against 2.53% as on 30 June 2020 and 2.19% as on 30 September 2019.
The ratio of net NPAs to net advances stood at 0.52% as on 30 September 2020 as against 0.86% as on 30 June 2020 and 1.12% as on 30 September 2019.
Total deposits rose 10.2% to Rs 2,28,279.27 crore as on 30 September 2020 from Rs 2,07,193.41 as on 30 September 2019.
Total advances increased 2.1% to Rs 2,01,246.83 crore as on 30 September 2020 compared with Rs 1,97,112.63 crore as on 30 September 2019.
IndusInd Bank caters to the needs of both consumer and corporate customers.
The scrip shed 0.53% to Rs 585.60 on the BSE on Friday. It traded in the range of 576.55 and 601.95 during the trading session.
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