Thu. Dec 3rd, 2020

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IndusInd Bank in loss

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IndusInd bank announced a year-on-year loss of 16.18% in profit at Rs. 301.84 crore for the quarter ended March 31.

The net interest income (NII) increased 44.62 per cent on a yearly basis to Rs 3,211.19 crore.

IndusInd Bank NSE -1.10 % missed Street expectations as the provisions for bad loans and upcoming contingencies spiked, while asset quality deteriorated.

Asset quality of the lender deteriorated sequentially. Percentage of gross non-performing assets (NPA) stood at 2.45 per cent in the March quarter against 2.18 per cent as of December 31, 2019. The figure stood at 2.10 per cent in the same period last year. IndusInd Bank said it recognised a few weak non-performing accounts in the Jan-March period. It made a floating provision of Rs 260 crore during the quarter, the lender said. Credit card GNPA is seen at 1.97 per cent.

The bank said deposits grew 4 per cent overall, despite some large government deposit withdrawals during the quarter, especially after YES Bank collapsed.

 

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