IndusInd Bank released its earnings report post-market hours on Friday. Let’s have a look at the major highlights of the bank’s performance.
IndusInd Bank’s standalone net profit for the March quarter jumped 55.41% to Rs 1,361.37 crore compared with Rs 875.95 crore in the corresponding quarter last year.
Interest earned rose 5.93% year on year to Rs 7,859.89 crore.
Total income rose from Rs 9199.48 crore to Rs 9761.89 crore – an increase of 6.11%
Gross non-performing asset (NPA) for the quarter came in at 2.27% compared with 2.48% in the December quarter and 2.67% in the corresponding quarter of last year.
The bank’s board announced a dividend of Rs 8.50 per share.
The bank mentioned that the extent to which any new wave of COVID-19 will impact the bank’s operations is dependent on future developments.
In view of the same, the bank continues to hold contingent provisions of Rs. 3,178 crores as of March 31, 2022, including an amount of Rs. 1,160 crore in respect of borrower accounts restructured in accordance with Resolution Framework for Covid-19 related stress.
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Research Analyst: Bavadharini KS