IndusInd Bank Ltd.’s quarterly profit rose, owing to higher total income and lower provisions.
Net profit rose 49.5% year-on-year to Rs 1,241 crore, the private lender said in an exchange filing. Analysts polled by Bloomberg estimated the metric at Rs 1,264 crore.
Net interest income, or core income increased 11.4% over the preceding year to Rs 3,793.6 crore. Other income went up by 14% to Rs 1,877 crore.
Gross non-performing asset ratio fell by 29 basis points quarter-on-quarter to 2.48%. Similarly, net NPA ratio improved by 9 basis points sequentially to 0.71%.
Provisions for the quarter stood at Rs 1,654 crore, down 11% year-on-year.
“While the Covid remains a risk to watch out for, the implications of the recent wave on our businesses have been limited,” Sumant Kathpalia, the lender’s managing director and chief executive officer, said. “We’re thus committed to executing our strategy quarter on quarter.”
IndusInd Bank’s total advances as of Dec. 31 stood at Rs 2.28 lakh crore, up 10% year-on-year.
Total deposits rose 19% year-on-year to Rs 2.84 lakh crore. Low-cost current account savings account deposits as a ratio of total deposits stood at 42% at the end of the third quarter.
