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IndusInd Bank on Friday posted a 52.7 per cent decline in consolidated net profit for the quarter ended September at Rs 663.08 crore.
The private lender had reported a net profit of Rs 1,400. 96 crore a year ago. An ET Now poll had projected the figure at Rs 800 crore.
The bank’s total income came in at Rs 8,731.52 crore, down 1.65 per cent from Rs 8,877.53 crore.
IndusInd Bank’s provisions rose 166 per cent to Rs 1,964.44 crore, from Rs 737.71 crore a year ago.
Its capital adequacy ratio stood at 16.55 per cent, from 14.70 per cent a year ago.
The bank’s gross NPA in the quarter stood at Rs 4,532.15 crore, compared with Rs 4,370.20 crore a year ago. Its net NPA came in at Rs 1,055.81 crore, compared with Rs 2,202.57 crore a year ago.
Gross NPA ratio stood at 2.21 per cent, compared with 2.19 per cent a year ago, while net NPA was 0.52 per cent, compared with 1.12 per cent in the year ago period.
The bank’s Net Interest Income (NII) for the quarter increased to Rs 3,278 crore from Rs 2,909 crore a year ago, and the Net Interest Margin (NIM) for Q2FY21 came in at 4.16 per cent.
It generated a fee income of Rs 1,554 crore in the quarter, compared with Rs 1,727 crore for the corresponding quarter of previous year.
“The business was highly impacted in Q1FY21 due to lockdown since March 24, 2020, to mitigate the spread of Covid-19 pandemic. The calibrated unlocking commenced from June 01, 2020; and industrial and consumer spends are near pre-Covid levels in some areas,” the bank said in a release.
Ahead of the announcement, IndusInd Bank stock closed 0.53 per cent lower at Rs 585.60, while the benchmark Sensex shed 0.34 per cent to 39,614.07.
The private lender had reported a net profit of Rs 1,400. 96 crore a year ago. An ET Now poll had projected the figure at Rs 800 crore.
The bank’s total income came in at Rs 8,731.52 crore, down 1.65 per cent from Rs 8,877.53 crore.
IndusInd Bank’s provisions rose 166 per cent to Rs 1,964.44 crore, from Rs 737.71 crore a year ago.
Its capital adequacy ratio stood at 16.55 per cent, from 14.70 per cent a year ago.
The bank’s gross NPA in the quarter stood at Rs 4,532.15 crore, compared with Rs 4,370.20 crore a year ago. Its net NPA came in at Rs 1,055.81 crore, compared with Rs 2,202.57 crore a year ago.
Gross NPA ratio stood at 2.21 per cent, compared with 2.19 per cent a year ago, while net NPA was 0.52 per cent, compared with 1.12 per cent in the year ago period.
The bank’s Net Interest Income (NII) for the quarter increased to Rs 3,278 crore from Rs 2,909 crore a year ago, and the Net Interest Margin (NIM) for Q2FY21 came in at 4.16 per cent.
It generated a fee income of Rs 1,554 crore in the quarter, compared with Rs 1,727 crore for the corresponding quarter of previous year.
“The business was highly impacted in Q1FY21 due to lockdown since March 24, 2020, to mitigate the spread of Covid-19 pandemic. The calibrated unlocking commenced from June 01, 2020; and industrial and consumer spends are near pre-Covid levels in some areas,” the bank said in a release.
Ahead of the announcement, IndusInd Bank stock closed 0.53 per cent lower at Rs 585.60, while the benchmark Sensex shed 0.34 per cent to 39,614.07.
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