IndusInd Bank Q3 net profit rises 25% on year to Rs 936 cr

IndusInd Bank Q3 net profit rises 25% on year to Rs 936 cr

 

New Delhi, Jan 11: IndusInd Bank on Thursday reported a rise of 25% in Q3 net profit to Rs 936 crore in the October-December quarter on a yearly basis for the financial year 2017-2018 while the net NPAs (non-performing assets) saw an increase of 10% in three months. The prominent private sector lender IndusInd Bank reported a net profit of Rs 936.25 crore, up by 24.72% from Rs 750.64 crore in the third quarter of the financial year 2016-2017. The total income of IndusInd Bank grew 16.05% to Rs 5,473.54 crore for the quarter ended 31 December 2017. The bank reported a net inc0me of Rs 4,716.13 crore in the same period a year earlier.
IndusInd Bank asset quality worsened in the third quarter with gross NPA ratio rising to 1.16% in October-December period from 1.08% in the July-September quarter. IndusInd Bank’s net NPA saw a marginal rise of 0.46% in the third quarter from 0.44% in the preceding quarter. In absolute terms, gross NPA rose to Rs 11.4% to Rs 1,498.7 crore in the fiscal third quarter from Rs 1,345.28 crore in the second quarter for the financial year 2017-2018 while the net NPAs rose 10.3% to Rs 5,922 crore from Rs 5,368.9 crore.
Despite a rise in the bad loans of IndusInd Bank, the provisioning of the private sector lender saw a decline of 19.6% to Rs 2,361.6 crore in the third quarter as compared to Rs 2,937.5 crore in the second quarter for the financial year 2017-2018.

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