IndusInd Bank Q2 Profit Down 40% to Rs 1,331 cr
By Rediff Money Desk, New Delhi Oct 24, 2024 16:33
IndusInd Bank reported a 40% decline in net profit for Q2 FY25, reaching Rs 1,331 crore. Total income rose, but asset quality deteriorated, with gross NPAs increasing to 2.11%.
New Delhi, Oct 24 (PTI) IndusInd Bank on Thursday reported a 40 per cent decline in net profit at Rs 1,331 crore for the quarter ended September 30, 2024.
The lender had earned a net profit of Rs 2,202 crore in the year-ago period.
Total income rose to Rs 14,871 crore in the quarter under review, from Rs 13,530 crore in the same period a year ago, IndusInd Bank said in a regulatory filing.
Net interest income of the bank improved by 5 per cent to Rs 5,347 crore in the July-September quarter.
Asset quality of the bank deteriorated with gross non-performing assets (NPAs) rising to 2.11 per cent of gross advances at the end of the September quarter of 2024, as against 1.93 per cent a year ago.
Net NPAs or bad loans also rose to 0.64 per cent, as against 0.57 per cent in the year-ago period.
As a result, provision (other than tax) and contingencies rose significantly to Rs 1,820 crore, as against Rs 974 crore at the same period a year ago.
The Capital Adequacy Ratio of the bank decreased to 16.51 per cent, from 18.21 per cent at the end of September 2023.
The lender had earned a net profit of Rs 2,202 crore in the year-ago period.
Total income rose to Rs 14,871 crore in the quarter under review, from Rs 13,530 crore in the same period a year ago, IndusInd Bank said in a regulatory filing.
Net interest income of the bank improved by 5 per cent to Rs 5,347 crore in the July-September quarter.
Asset quality of the bank deteriorated with gross non-performing assets (NPAs) rising to 2.11 per cent of gross advances at the end of the September quarter of 2024, as against 1.93 per cent a year ago.
Net NPAs or bad loans also rose to 0.64 per cent, as against 0.57 per cent in the year-ago period.
As a result, provision (other than tax) and contingencies rose significantly to Rs 1,820 crore, as against Rs 974 crore at the same period a year ago.
The Capital Adequacy Ratio of the bank decreased to 16.51 per cent, from 18.21 per cent at the end of September 2023.
Source: PTI
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