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IndusInd Bank Q2 results: Net profit rises 72.9% to Rs 1,146.7 crore, beats estimates

IndusInd Bank Q2 results: Net profit rises 72.9% to Rs 1,146.7 crore, beats estimates

IndusInd Bank Q2 results: Net profit rises 72.9% to Rs 1,146.7 crore, beats estimates
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By CNBC-TV18 Oct 27, 2021 7:04:00 PM IST (Updated)

IndusInd Bank posted a 72.9 percent increase in its net profit to Rs 1,146.7 crore for the second quarter ended September 30, 2021.

Private lender IndusInd Bank on Wednesday posted a 72.9 percent increase in its net profit to Rs 1,146.7 crore for the second quarter ended September 30, 2021.

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In the corresponding quarter last year, the company posted a net profit of Rs Rs 663.1 crore. CNBC-TV18 Poll had predicted a profit of Rs 1,042.4 crore for the quarter under review.
Total income during the July-September quarter rose to Rs 9,488.06 crore from Rs 8,731.52 crore a year ago, IndusInd Bank said in a regulatory filing.
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Net interest income (NII) of the bank jumped 11.6 percent, coming at Rs 3,658 crore against Rs 3,278 crore in the corresponding quarter last year. Interest income moved up at Rs 7,650.36 crore from Rs 7,177.21 crore.
Gross NPA stood at 2.77 percent in the September quarter against 2.88 percent in the June quarter. Net NPA came at 0.80 percent against 0.84 percent quarter-on-quarter.
In monetary terms, gross NPA stood at Rs 6,245 crore against Rs 6,185.8 crore quarter-on-quarter (QoQ), whereas Net NPA came at Rs 1,771.3 crore against Rs 1,759.6 crore (QoQ).
Bank's provisions for bad loans and contingencies fell to Rs 1,703.36 crore for the quarter from Rs 1,964.44 crore reserved for the year-ago period. However, there was an uptick in the bank's gross bad loan proportion at 2.77 percent of gross advances as of September 30, 2021, against 2.21 percent a year earlier.
The results came after the close of the market hours. Shares of IndusInd Bank ended at Rs 1,135.10, down by Rs 19.55, or 1.69 percent on the BSE.
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