NEW DELHI: IndusInd Bank on Wednesday reported 5.21 per cent YoY rise in profit at Rs 985.03 crore for December quarter.
The number came in higher than Rs 922 crore profit forecast by analysts in an ET Now poll.The lender had reported Rs 936.25 crore profit in year-ago quarter.NII for quarter stood at Rs 2,287 crore, which was lower than poll estimate of Rs 2,330 crore.The lender made Rs 606.70 crore in provision for quarter against Rs 590 crore it made in September quarter.
Gross NPA for quarter came in at 1.13 per cent against 1.09 per cent in September quarter.This included Rs 255 crore worth of contingent provisions for ILFS (standard assets), in addition to an amount of Rs 275 crore made in September quarter."Since October 1, certain governance and management changes have taken place in this group and measures to turn it around through a resolution plan are undemay.
The bank's management is monitoring developments and implications of resolution plan," lender said without naming ILFS.Will assess need for further provisions towards ILFS group in March quarter, bank said.
In interim, as a prudential measure, bank has made a contingent provision of Rs 255 crore on these 's tandard' assets, lender said.