IndusInd Bank Q4 Results: Profit Rises 46%, Beats Estimates
A slide in provisions and rise in core income boosted IndusInd Bank's Q4 net profit.
IndusInd Bank Ltd. saw its consolidated net profit for the January-March quarter rise 46% year-on-year, on higher core income and lower provisions.
The private sector lender's net profit for the quarter rose to Rs 2,043.36 crore, as compared with Rs 1,400.52 crore a year ago. Analysts polled by Bloomberg estimated a net profit of Rs 2,038.51 crore for the fourth quarter.
Net interest income, or core income, for the bank rose 17% year-on-year and stood at Rs 4,669.46 crore. Other income for the quarter rose to Rs 2,153.6 crore, up 13% from a year ago.
Gross non-performing asset ratio for the quarter fell eight basis points sequentially to 1.98%. Similarly, net NPA ratio fell three basis points quarter-on-quarter and stood at 0.59%.
Total provisions for the quarter stood at Rs 1,030 crore, down 30% year-on-year.
Total advances for the bank rose 21% year-on-year to Rs 2.9 lakh crore. Retail loans rose 7% quarter-on-quarter to Rs 1.56 lakh crore, or 54% of the total loan book. Wholesale loans rose to Rs 1.34 lakh crore.
The bank's total deposits rose to Rs 3.36 lakh crore, up 15% year-on-year. Of this, current account savings account deposits were up 7% year-on-year and stood at Rs 1.35 lakh crore. Term deposits rose 20% from a year ago to Rs 2 lakh crore.
At 3:04PM, IndusInd Bank was trading at Rs 1,103 per share, down 1.16%.
