The bank's net interest income (NII) for the June quarter stood at Rs.3,564 croreIndusInd Bank reported a net earnings of Rs 1,016 crore on a consolidated basis in the April-June quarter of the fiscal year 2021-22, compared to Rs 510 crore in the corresponding quarter last year, marking a growth of 99 per cent year-on-year.
The bank's net earnings nearly doubled in the very first quarter of the existing fiscal, driven by growth in retail loans and lower non-performing possessions (NPA) arrangements, according to a regulatory filing to the stock exchanges.The economic sector lender's non-performing assets rose a little to 2.88 per cent of the gross advances by the end of June 2021, compared to 2.53 percent in the year-ago period.
Bad loans or net NPAs came down to 0.84 per cent from 0.86 percent last year.The provisioning for the bad loans and contingencies for the June quarter likewise decreased to Rs 1,844.02 crore, from Rs 2,258.88 crore in the corresponding quarter in 2015.
The bank's net interest income (NII) for the June quarter stood at Rs.3,564 crore, up by 8 per cent, compared to Rs.3,309 crore in the matching quarter last year.
The bank saw strong development in its deposit base (up 26 per cent YoY) driven by CASA (up 33 percent YoY).
The bank was cautious in the loan growth (up 6 percent) offered the difficult operating environment.
Our pre-provision operating earnings was strong at Rs 3,185 crore.
The bank has actually followed conservative provisioning approach with a net NPA of 0.84 percent and a surplus arrangement of Rs 2,050 crore outside this for contingencies if any, said Mr.
Sumant Kathpalia, Managing Director - CEO, IndusInd Bank.On Tuesday, July 27, shares of IndusInd Bank settled 0.58 per cent lower at Rs 975.65 apiece on the BSE.