IndusInd Bank net profit jumps 61 pc to Rs 1,631 crore in June quarter

IndusInd Bank on Wednesday reported a 60.5 percent jump in net profit at Rs 1,631.02 crore for the quarter that ended June, mainly due to a fall in bad loans.

The private sector lender had posted a net profit of Rs 1,016.11 crore in the year-ago period.

In the first quarter of the current fiscal, the bank's total income increased to Rs 10,113.29 crore as against Rs 9,298.07 crore in the same period a year ago.

Interest income in the June quarter rose 9.5 percent to Rs 8,181.77 crore compared to the year-ago period, according to a regulatory filing.

The bank witnessed an improvement in its gross Non-Performing Assets (NPAs) at 2.35 percent of the gross advances at the end of June as against 2.88 percent in the year-ago period.

However, the figure for the latest June quarter is higher than the 2.27 percent recorded in the March quarter.

The bank's net NPAs or bad loans fell to 0.67 percent (Rs 1,661.21 crore) from 0.84 percent (Rs 1,759.59 crore) on an annual basis.

Sequentially, it was higher compared to 0.64 percent (Rs 1,529.83 crore).

According to the filing, there was a decrease in provisioning and contingencies requirements on a yearly basis, with the bank keeping aside Rs 1,250.99 crore for the June quarter. In the year-ago period, an amount of Rs 1,779.33 crore was set aside for the purpose.

In the March quarter, the provisions and contingencies stood at Rs 1,461.62 crore.

Shares of IndusInd Bank rose 1.15 percent to close at Rs 878.45 apiece on BSE.