The bank saw its gross non-performing assets, as a percentage of total loans, increase by 24 basis points over the period to 1.17 percent. Its net NPA ratio came in at 0.51 percent, 12 bps higher than at the end of March last year.
Shares of IndusInd Bank fell over 2 percent intraday as investors reacted to its weaker asset quality and provisions in its March quarter performance.
The bank reported a net profit of Rs 953.09 crore for the March quarter, largely in line with market expectations and around 27 percent higher than in the same quarter last year, as the bank made fewer provisions for bad loans than it did last year.
A Reuters poll had pegged the lender’s net profit at Rs 961.5 crore for the quarter under review.
On the asset quality front, the private sector bank saw its gross non-performing assets, as a percentage of total loans, increase by 24 basis points over the period to 1.17 percent. Its net NPA ratio came in at 0.51 percent, 12 bps higher than at the end of March last year.
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The lender’s net interest income, which is the difference between interest earned and interest expended, came in at Rs 2,007.59 crore, 20.4 percent higher than in the corresponding quarter a year ago.
The Romesh Sobti-led company saw its operating profit increase by 12.5 percent year-on-year to Rs 1,769.39 crore.
In the past one month, the stock has risen over 5 percent, while its three-day loss stood at 3 percent.
At 13:50 hrs IndusInd Bank was quoting at Rs 1,815.60, down Rs 29.05, or 1.57 percent, on the BSE. It touched an intraday high of Rs 1,868.65 and an intraday low of Rs 1,806.40.