Mumbai: IndusInd Bank Ltd on day said its fourth-quarter net profit fell 16.18% on the back of higher provisions.
Net Profit of ₹301.84 crore for the three months ended 31 March 2020 from a net profit of ₹360.10 crore in the same quarter last year.
Profit was lower than the ₹412.80 crore estimated by a Bloomberg poll of 13 analysts.
Provisions during the March quarter stood at ₹2440.32 crore as against ₹1560.69 crore in the year-ago quarter. In the October-December quarter, the bank had set aside ₹1043.45 crore in provisions.
Net interest income, or the difference between interest earned on loans and that paid on deposits, increased 44.74% to ₹3231.19 crore from ₹2232.38 crore in the corresponding period last year.
Other income, which includes core fee income, rose 13.66% to ₹1772 crore in the three months ended 31 March from ₹1558.99 crore a year ago.
Gross non-performing assets (NPAs), as a percentage of total advances, were at 2.45% in the March quarter compared with 2.18% in the December quarter and 2.10% in the year ago quarter.
Post-provision, the net NPA ratio was at 0.91% in the March quarter against 1.05% in the October-December quarter and 1.21% in the year ago quarter.
Shares of IndusInd Bank gained 6.33% to close at ₹407.35 per share, while the benchmark Sensex index gained 1.33% to close at 31743.08 points.
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