Business

IndusInd Bank Q3 net profit up 5%

Agency | January 09, 2019 05:44 PM

MUMBAI: IndusInd Bank on Wednesday reported a 5 per cent increase in its net profit for the third quarter (Q3) of 2018-19.

Its net profit during the quarter under review rose to Rs 985 crore from Rs 936 crore in the corresponding period of last fiscal.

"Net profit for the quarter is Rs 985 crore (after considering prudential contingency provision of Rs 255 crore) as against Rs 936 crore in Q3 FY18, showing a growth of 5 per cent," the bank said in a statement.

The bank said its net interest income (NII) for the said quarter grew by 21 per cent to Rs 2,288 crore from Rs 1,895 crore earned during the corresponding quarter of the previous year.

According to the lender, its net NPA (non-performing asset) as on December 31, 2018 rose to 0.59 per cent as against 0.46 per cent on December 31, 2017.

"Gross NPA as on December 31, 2018 was at 1.13 per cent as against 1.16 per cent on December 31, 2017," the statement said.

In addition, the bank, without naming the IL&FS Group, said: "Advances granted to various companies and SPVs belonging to a Group in the infrastructure sector against certain identified cash flows and pertaining to specific assets are 'Standard' as at December 31, 2018 on the basis of the conduct of the accounts till date.

"Since October 1, 2018, certain governance and management changes have taken place in the Group and measures to turn it around through a Resolution Plan are underway."

The bank said it was monitoring the developments and implications of the 'Resolution Plan'.

"In the interim, as a prudential measure, the bank has made a contingent provision of Rs 255 crore on these 'Standard' assets during the quarter ended on December 31, 2018, in addition to an amount of Rs 275 crore made during the quarter ended on September 30, 2018. Total provisions attributable to this exposure is Rs 600 crore," the statement added.

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