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IndusInd Bank Q1 profit rises 26% to Rs836 crore

LiveMint logoLiveMint 11-07-2017 Ravindra N. Sonavane

Mumbai: IndusInd Bank on Tuesday said its net profit for the June quarter rose 26.49% from a year ago due to higher net interest and other income.

Net profit for the quarter was Rs836.55 crore as compared to Rs661.38 crore a year ago. Seven analysts polled by Bloomberg had forecast a net profit of Rs833.70 crore.

Net interest income (NII) or the core income a bank earns by giving loans increased 30.79% to Rs1,774.06 crore from Rs1,356.42 crore last year. Other income jumped 20% to Rs1,167.26 crore from Rs972.97 crore in the same period last year.

Provisions and contingencies fell 28% to Rs309.97 crore in the quarter from Rs430.13 crore a quarter ago. On year-on-year (y-o-y) basis, it jumped 34.5% from Rs230.47 crore.

Gross non-performing assets (NPAs) rose 20.6% to Rs1,271.68 crore at the end of the June quarter from Rs1,054.87 crore in the March quarter. On y-o-y basis, it jumped 47.8% from Rs860.64 crore.

As a percentage of total loans, gross NPAs stood at 1.09% as compared to 0.93% in the previous quarter and 0.91% in the year-ago quarter.

Net NPAs were at 0.44% in the June quarter compared to 0.39% in the previous quarter and 0.38% in the same quarter last year.

At 1.04pm, IndusInd Bank was trading at Rs1,562.65 on BSE, up 0.18% from its previous close, while India’s benchmark Sensex index rose 0.5% to 31,873.31 points.

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