IndusInd Bank's March quarter net profit plunges over 62% to Rs 360 cr; gross NPAs rise to 2.1%

New Delhi: IndusInd Bank on Wednesday reported a decline of over 62 percent in March quarter net profit at Rs 360.10 crore.

Net profit in the same quarter of 2017-18 financial year stood at Rs 953.09 crore.

However, total income for the latest quarter rose to Rs 7,550.43 crore as against Rs 5,858.62 crore in the same period a year ago, the bank said in a regulatory filing.

For the entire 2018-19, the profit was down over 8 percent to Rs 3,301 crore as against Rs 3,606 crore in 2017-18.

 IndusInd Banks March quarter net profit plunges over 62% to Rs 360 cr; gross NPAs rise to 2.1%

Representational image. News18.

Total income during the last fiscal rose to Rs 27,907.87 crore from Rs 22,030.85 crore a year ago.

The bank's gross non-performing assets (NPA) rose to 2.10 percent of gross advances as at March-end 2019 as against 1.17 percent by the end of the previous fiscal.

Net NPAs or bad loans were 1.21 percent, higher than 0.51 percent at the end of March 2018.

In value terms, gross NPAs stood at Rs 3,947.41 crore by the end of 2018-19 as against Rs 1,704.91 crore by March-end 2018. Net NPAs were at Rs 2,248.28 crore, up from Rs 745.67 crore a year ago.

Advances to various companies and special purpose vehicles to a group in infrastructure sector amounting to Rs 3,004 crore (exposure to holding company of Rs 2,000 crore and operating companies/SPVs Rs 1,004 crore) were classified as 'non-performing - substandard'.

The private sector lender said it has provided for, in excess of prudential norms on income recognition, asset classification and provisioning to the advances under this account.

The bank's board has recommended a dividend of Rs 7.50 per equity share for 2018-19, it said.

Stock of the bank traded 1.77 percent down at Rs 1,421.95 on BSE.

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Updated Date: May 22, 2019 14:49:52 IST