IndusInd Bank Q2 net profit up 52%, net NPAs also rise
Private lender IndusInd Bank on Thursday reported a 52 per cent increase in its net profit for the second quarter (Q2) of 2019-20, at Rs 1,401 crore against Rs 920 crore in the corresponding period of last fiscal.
According to the lender, its net interest income (NII) for the said quarter grew by 32 per cent to Rs 2,909 crore from Rs 2,203 crore earned during the corresponding quarter of the previous year.
The non-interest income for the quarter rose by 31 per cent to Rs 1,727 crore as against Rs 1,317 crore in the corresponding quarter of the previous year.
However, the lender's net NPAs (non-performing assets) as on September 30 rose to 1.12 per cent as against 0.48 per cent on September 30, 2018.
IndusInd Bank's MD and CEO Romesh Sobti said: "During Q2, the bank has witnessed healthy growth in its topline as well as in operating profits. The benefits of the merger with Bharat Financial Inclusion Ltd (BFIL) are perceptibly visible and accretive to earnings.
"Deposit growth has been very strong in the last few quarters and has continued to remain robust in this quarter as well. We have also worked towards strengthening the balance sheet by taking up the Provision Coverage Ratio (PCR) from 43 per cent to 50 per cent during the quarter. We will push forward into the subsequent quarters with the same momentum."