IndusInd Bank Q1 net profit surges 24% at Rs 1,035.72 crore | business news | Hindustan Times
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IndusInd Bank Q1 net profit surges 24% at Rs 1,035.72 crore

Gross bad loans as a percentage of total loans stood at 1.15% at end-June, compared with 1.17% in the previous quarter and 1.09% a year earlier.

business Updated: Jul 10, 2018 14:50 IST
Press Trust of India
Press Trust of India
Press Trust of India, New Delhi
IndusInd Bank,IndusInd Bank Q1 result,IndusInd Bank bad loans
Net profit climbed to Rs 1036 crore ($150.58 million) in the three months to June 30 from Rs 837 crore a year earlier, the country’s sixth-largest private sector lender by assets.(Dhiraj Singh/Bloomberg)

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

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% of the gross advances as on June 30, 2018 as against 1.09% in the same period a year ago.

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% (Rs 762.35 crore) by the end of the first quarter of 2018-19, from 0.44% (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% as against 1.86% in the April-June quarter of 2017-18, Sobti said.

First Published: Jul 10, 2018 13:56 IST