IndusInd Bank's Q3 profit jumps 33% to Rs 1,309 crore; NPAs increase to 1.05%

Private lender IndusInd Bank on Tuesday reported a 33 per cent rise on a yearly basis in its consolidated net profit at Rs 1,309 crore for the third quarter ended December 31, 2019. "Net profit for the quarter is Rs 1, 309 crore as against Rs 985 crore in the corresponding quarter of the previous year, showing a robust growth of 33 per cent," IndusInd Bank said in a filing to the Bombay Stock Exchange.

The private lender's net NPAs (non-performing assets) as on December 31, 2019, stand at 1.05 per cent against 0.59 per cent during the same period last year. The bank's net interest income for the quarter is up 34 per cent at Rs 3,074 crore against Rs 2,288 crore in the corresponding quarter of the previous year.

"The bank witnessed a healthy growth in its topline as well as in operating profits. The bank also reached a milestone as the balance sheet footage crossed Rs 3 lakh crore and the advances crossed Rs 2 lakh mark," said Romesh Sobti, MD & CEO, Induslnd Bank.

The other income (non-interest income) rose by 22 per cent to Rs 1,790 crore against Rs 1,469 crore in the same period last year. The bank's pre-provision operating profit is also up by 30 per cent at Rs 2,758 crore against Rs 2,117 crore during the same period last year. The provisions and contingencies in the September quarter had increased to Rs 737.71 crore as compared to Rs 590.27 crore made in the year-ago quarter.

Following Q3 earnings, IndusInd Bank shares were trading at Rs 1,525 apiece, down 0.89 per cent against the previous close on the BSE.

Edited by Manoj Sharma

Also read: IndusInd Bank Q2 profit jumps 52% to Rs 1,401 crore, asset quality declines