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IndusInd Bank reports 38 pc jump in Q1 net profit at Rs 1,433 crore

ANI | July 12, 2019 03:56 PM
The earnings came following merger with Bharat Financial Inclusion

Mumbai (Maharashtra) [India], July 12 (ANI): IndusInd Bank on Friday reported net profit of Rs 1,433 crore for the quarter ended June 2019, up 38 per cent compared to Rs 1,036 crore in the corresponding period of last year.

Net interest income (the difference between interest earned and interest expended) moved up by 34 per cent to Rs 2,844 crore in the year-on period with loan growth at 28 per cent.

The bank said total deposits as on June 2019 totalled Rs 2 lakh crore, about 26 per cent higher compared to Rs 1.59 lakh crore in the first quarter of previous fiscal.

Net interest margin improved to 4.05 per cent in Q1 of FY20, from 3.59 per cent in March quarter and 3.92 per cent in Q1 of FY19.

However, asset quality weakened slightly. Gross non-performing assets (NPAs) as a percentage of gross advances were 2.15 per cent against 2.1 per cent in the previous quarter.

Net NPAs also increased to 1.23 per cent in Q1 FY20 against 1.2 per cent reported in the fourth quarter of FY19, according to a statement. (ANI)

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