IndusInd Bank clocks 99% rise in consolidated net profit at Rs 1,016 crore

 Net interest income was up 8 per cent YoY to Rs 3,564 crore, from Rs 3,309 crore in Q1FY21

Private sector lender Ind­usInd Bank’s consolidated net profit almost doubled year-on-year (YoY) to Rs 1,016 crore in the June quarter compared to Rs 510 crore. Its standalone profit more than doubled to Rs 974.95 crore, aided by lower provisions and higher other income.

Net interest income was up 8 per cent YoY to Rs 3,564 crore, from Rs 3,309 crore in Q1FY21. Net interest margin was at 4.06 per cent, from 4.28 per cent for Q1FY21, due to lower credit offtake and surplus liquidity placed under repo with the RBI. Other income was up 18 per cent YoY to Rs 1,788 crore and the total income rose 11 per cent to Rs 5,352 crore.

Provisions and contingencies were down 18.4 per cent YoY to Rs 1,844 crore against Rs 2,258.88 crore. In the March quarter, it had provided Rs 1,865.69 crore. It holds standard contingent provisions of Rs 2,050 crore. Asset quality weakened as gross NPAs rose to 2.88 per cent, up 21 basis points from the March quarter and 35 bps from Q1FY21. Net NPAs rose 15 bps to 0.84 per cent over Q4.