IndusInd Bank on Tuesday reported a 33 per cent increase in its consolidated net profit at Rs 1,309 crore for the quarter ended December 31, 2019, due to a healthy growth in retail and treasury income. However, worsening asset quality and a 72 per cent spike in provisioning are a matter of concern.
Sequentially, the net profit dropped 6 per cent from Rs 1,383.37 crore reported in Q2FY20. The bank’s net interest income (Nll) for the quarter jumped to Rs 3,074 crore against Rs 2,288 crore in the corresponding quarter of the previous year, registering a growth of 34 per cent compared to the corresponding quarter last year. The bank’s net interest margin for the quarter was at 4.15 per cent compared with 3.89 per cent in the comparable period last year.
The revenue from retail business rose 31.6 per cent year-on-year to Rs 5,026 crore from Rs 3,819 crore. —FE