IndusInd Bank Q1 net profit up 38%; net NPAs also rise
Friday - July 12, 2019 10:06 pm , Category : BUSINESS
Mumbai, July 12 (IANS) Private lender IndusInd Bank on Wednesday reported a 38 per cent increase in its net profit for the first quarter (Q1) of 2019-20.Accordingly, the bank's net profit during the quarter under review rose to Rs 1,433 crore from Rs 1,036 crore in the corresponding period of last fiscal. This is the first quarter, when the accounting effect of the Composite Scheme of Arrangement has been given in the financial statement for the period ended June 30, 2019. "Accounting for Amalgamation', and hence the financial results for the period ended June 30, 2019 are not comparable with the previous periods. Consequently, net profit for the period of the bank is higher by Rs 213.02 crore ," the lender said in a statement.According to the lender, its net interest income (NII) for the said quarter grew by 34 per cent to Rs 2,844 crore from Rs 2,122 crore earned during the corresponding quarter of the previous year.Besides, the non-interest income for the quarter rose by 28 per cent to Rs 1,663 crore as against Rs 1,302 crore in the corresponding quarter of the previous year.The lender's net NPA (non-performing asset) as on June 30, 2019 rose to 1.23 per cent as against 0.51 per cent in June 30, 2018.IndusInd Bank's MD and CEO Romesh Sobti said: "We have begun the first quarter of this financial year on a positive note, as we have successfully completed the merger with BFIL.""During this quarter, the bank has witnessed healthy growth in its top line as well as in operating profits and will now push forward into the subsequent quarters basis our strong belief in new opportunities, especially in rural India," said Sobti.