IndusInd Bank Profit Rises 50% In September Quarter

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IndusInd Bank’s net profit rose 50 per cent to Rs. 1,383.37 crore in the second quarter of current financial year compared with Rs. 920.25 crore during the same period last year.
The bank’s net interest income or the difference between interest earned and interest expended rose 29 per cent to Rs. 2,909.54 crore compared with Rs. 2,248.28 crore in the same period last year.

The bank’s asset quality largely remained stable as its gross non-performing assets as a percentage of total advances stood at 2.19 per cent versus 2.15 per cent in the previous quarter.

Its net non-performing assets as a percentage of total advances came in at 1.12 per cent versus 1.23 per cent in the June quarter.

The bank’s provisions for bad loans rose to Rs. 737.71 crore versus Rs. 530.62 crore in the previous quarter.

IndusInd Bank’s share price fell 4.56 per cent to Rs. 1,250 after the earnings announcement, sharply underperforming the Nifty which was down 0.8 per cent.

Source By NDTV

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