IndusInd Bank on April 30 reported a 190.2 percent year-on-year (YoY) spike in its standalone net profit at Rs 875.95 crore for the quarter ended March 2021 as provisions declined during the period. Profit in the year-ago quarter stood at Rs 301.84 crore.
Net interest income (NII) grew by 9.4 percent to Rs 3,534.61 crore for the quarter against Rs 3,231.19 crore reported in the corresponding quarter of the previous fiscal.
Numbers were largely in line with analysts' estimates as profit was seen at Rs 875.4 crore while net interest income was pegged at Rs 3,485.9 crore, according to the average estimates of analysts polled by CNBC-TV18.
Provisions and contingencies came in at Rs 1,865.69 crore, down 23.5 percent YoY though the same increased by 0.7 percent on a sequential basis .
Asset quality deteriorated further with gross non-performing assets (GNPAs), as a percentage of gross advances, climbed 93 bps quarter-on-quarter to 2.67 percent, and the net NPA increased 47 bps QoQ to 0.69 percent.
Tax expenses for the period, at Rs 319.89 crore, has seen a significant increase of 240.3 percent over Rs 94.01 crore in March quarter of FY20.
Non-interest income during the quarter grew only by half a percent year-on-year (YoY) to Rs 1,780.12 crore, while the pre-provision operating profit increased 7.9 percent to Rs 3,061.53 crore during the same period.