IndusInd Bank Q2 net profit up 72%

Private sector lender IndusInd Bank reported a 72.09 per cent year-on-year jump in standalone net profit for the second quarter of the fiscal, supported by a drop in provisions and a robust net interest income and fee income.

For the quarter ended September 30, 2021, the bank had a standalone net profit of ₹1,113.53 crore, against ₹647.04 crore during the same period last fiscal.

As Indian banking digitises rapidly, is it spending enough on IT systems?

Net interest income increased by 11.6 per cent to ₹3,658.4 crore (₹3,277.9 crore).

Public sector banks – the promise of a new dawn

Net interest margin stood at 4.07 per cent, marginally lower than the 4.16 per cent recorded during the second quarter of 2020-21, mainly due to surplus liquidity placed under repo with RBI.

Other income increased by 18.2 per cent on a year-on-year basis to ₹1,837.2 crore in the July to September 2021 quarter.

Provisions declined by 13.3 per cent to ₹1,703.36 crore, against ₹1,964.4 crore a year ago.

Gross non-performing assets declined sequentially to 2.77 per cent of gross advances as of September 30, 2021, against 2.88 per cent as on June 30, 2021. However, it was higher than the gross NPA level of 2.21 per cent as on September 30, 2020.

Net NPA was 0.8 per cent of net advances as of September 30, 2021, versus 0.52 per cent a year ago.