IndusInd Bank Q3 Results: Lender records 49.5% increase in year-on-year profit to Rs 1,241.39 cr

IndusInd Bank on Saturday announced a consolidated net profit of Rs 1,241.39 crore for the quarter ended December 31, 2021, up 49.49% year on year as the private lender’s total income rose sharply for the period under review.

Net profit for the third quarter of the prior year stood at Rs 830.39 crore, an exchange deposit with BSE showed.

Total revenue for the quarter under review stood at Rs 9,614.34 crore, an increase of 8% year-on-year from Rs 8,887.28 crore. The private bank’s Basel III capital ratio was 18.06% as of December 31, down from 16.34% a year ago and 17.37% a quarter ago.

For the reporting period, interest earned by IndusInd Bank was Rs 7,737.49 crore compared to Rs 7,241.50 crore in the same period a year ago. Interest spent amounted to Rs 3,943.92 crore in October-December against Rs 3,991.96 crore in the third quarter of the previous year. This implies net interest income of Rs 3,793.57 crore for IndusInd Bank in the third quarter.

On the asset quality front, gross and net private banking non-performing asset ratios declined sequentially but rose on a year-over-year basis.

The gross NPA ratio was 2.48% as of December 31 compared to 1.74% a year ago and 2.77% as of September 30, according to the exchange filing.

The net NPA ratio was 0.71% as of December 31 compared to 0.22% a year ago and 0.80% as of September 30.

According to the bank’s statement, in light of the third wave of COVID-19 in India, which broke out towards the end of December, the bank has made some arrangements.

“The bank has made regulatory, floating, counter-cyclical and/or contingent provisions, bringing the total amount of such provisions to Rs. 3,740 crore as of December 31, 2021, including an amount of Rs. 1,365 crore relating to accounts of restructured borrowers in accordance with the resolution framework for Covid-19 stress.

In line with the measures taken by the RBI in 2020 to relieve borrowers amid the COVID-19 pandemic, IndusInd Bank had proposed a moratorium on loan repayments and interest payable.

IndusInd Bank said small business loans increased by 153.89 crore, business loans by 230.74 crores and personal loans. by 67.56 crore.

This includes the NPA provision of Rs 115.18 crore for cases that slipped to NPA following restructuring, the bank said.

The private lender‘s revenue from retail banking reached Rs 6,019.41 crore in October-December, a jump of 17.6% from Rs 5,117.79 crore in the same period a year ago. year.

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