Thursday, August 6

IndusInd Bank Q1 results: Net profit falls 64% YoY to Rs 510 crore, beats Street estimates

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IndusInd Bank on Tuesday reported a 64.37 per cent year-on-year (YoY) fall in consolidated net profit at Rs 510.34 crore for the quarter ended June 30. The lender had posted a net profit of Rs 1,432.50 crore in the corresponding quarter last year.Analysts in an ET Now poll had estimated the profit figure at Rs 400 crore.

The net interest income (NII) for the quarter was at Rs 3,309 crore against the estimates of Rs 3,100 crore. The NII in the corresponding quarter last year was at Rs 2,844 crore.

Total provisions for Q1FY21 was at Rs 2,259 crore, against Rs 2,440 crore kept aside in the previous quarter. A year ago, the provisions were at Rs 431 crore.

The gross bad asset ratio spiked to 2.53 per cent from 2.45 per cent in March quarter and 2.15 per cent in June quarter last year.

Net bad asset ratio stood at 0.86 per cent against 0.91 per cent in the previous quarter and 1.23 per cent in the corresponding quarter, last year.

Source: ET Markets

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