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IndusInd Bank Q1 net profit up 24% at Rs 1,036-cr; bad loans up at Rs 1,740.62 cr

New Delhi: IndusInd Bank on Tuesday posted 24 percent rise in net profit at Rs 1,035.72 crore for the quarter ended 30 June.

The private sector lender had registered a profit of Rs 836.55 crore in the April-June quarter of 2017-18 financial year.

Total income grew to Rs 6,369.75 crore in the reported quarter as compared to Rs 5,302.77 crore in the year-ago period, IndusInd Bank said in a BSE filing.

On the asset front, there was a slight uptick in bad loans as gross non-performing assets (NPAs) stood at 1.15 percent of the gross advances as on 30 June, 2018 as against 1.09 percent in the same period a year ago.

 IndusInd Bank Q1 net profit up 24% at Rs 1,036-cr; bad loans up at Rs 1,740.62 cr

Representational image. News18.

In value terms, gross NPAs or bad loans stood at Rs 1,740.62 crore as compared to Rs 1,271.68 crore at the end of June quarter, 2017-18.

Net NPA ratio rose to 0.51 percent (Rs 762.35 crore) by the end of the first quarter of 2018-19, from 0.44 percent (Rs 508.26 crore) earlier.

The bank parked aside Rs 350.01 crore for June quarter as provisions for bad loans as well as contingencies, up from a provision of Rs 309.97 crore for the April-June quarter of 2017-18.

"In the first quarter of 2018-19, the bank continued its momentum and showed a consistent performance in all important vectors. The bank continues to stride ahead and has charted growth plans to propel into another year of sustained and balanced banking operations," CEO and MD Romesh Sobti said in a statement.

Digitisation and customer convenience remain the cornerstone of bank's strategy which will continue to create value for the customers through its services, he said.

Bank's return on assets (RoA) for the reported quarter improved to 1.91 percent as against 1.86 percent in the April-June quarter of 2017-18, Sobti said.

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Updated Date: Jul 10, 2018 17:03:36 IST