IndusInd Bank's Q4 net profit soars to ₹876 crore, to pay dividend of ₹5/share
Premium- The bank said that its board has approved a final dividend of ₹5 per share.
IndusInd Bank reported a Q4 standalone net profit of ₹875.9 crore for the quarter ended March, up 190% YoY on the back of decline in provisions and contingencies. The lender had posted profit of ₹301.8 crore in the corresponding quarter of last year.
The bank said that its board has approved a final dividend of ₹5 per share. The provisions declined 23.5% to ₹1,865.69 crore during the quarter from ₹2,440.3 crore.
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The lender's net interest income grew 9.4% to ₹3,534.61 crore for the quarter against ₹3,231 crore year-on-year (YoY). The gross non-performing assets (NPAs) deteriorated to 2.67% in Q4 versus 1.74% in the previous quarter. The net NPA stood at 0.69% against 0.22% quarter-on-quarter (QoQ).
Tax expenses in the March quarter increased to ₹319.89 crore over ₹94 crore in Q4FY21.
The bank's scrip closed 0.43% lower at ₹934.95 apiece on the BSE on Friday.
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