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( 14 Jan 2020)
IndusInd Bank Q3 net profit up 32.00% at Rs 1300.20 cr

The bank reported standalone net profit of Rs 1,300.20 crore for the quarter ended December 31, 2019 as compared to Rs 985.03 crore in the same period last year, registering a year-on-yearÿgrowthÿof 32.00 per cent.

Interest income of the bank rose by 26.39 per cent at Rs 7284.53 crore for the quarter ended December 31, 2019 as against Rs 5763.47 crore in the corresponding period last year.

During the October-December quarter, total income rose substantially by 25.46 per cent to Rs 9,073.93 crore from Rs 7,232.32 crore in the year ago period.

Meanwhile, operating expenses increased by 23.71 per cent to Rs 6,328.29 crore from Rs 5,115.36 crore in the same period last year.

Operating profit surged 29.70 per cent to Rs 2,745.64 crore from Rs. 2,116.96 crore.

Provisions and Contingencies surged by 71.99 per cent at Rs 1,043.45 crore from Rs 606.68 crore a year ago.

NII, the difference between interest earned on loans and interest paid on deposits, increased by 34.35 per cent at Rs 3,074.02 crore versus Rs 2,288.09 crore in the year ago period. Non-interest income rose 21.82 per cent year-on-year to Rs 1,789.40 crore.

On the asset side, gross non- performing assets (NPAs)ÿroseÿto 2.18 per cent of the gross advances as at the end of December 31, 2019 from a level of 1.13 per cent year earlier. Its net NPAs or bad loans tooÿincreasedÿto 1.05 per cent of net advances on December 31, 2019 from 0.59 per cent a year ago.