IndusInd Bank Q1 net profit doubles to Rs 1,061 crore
Jul 27, 2021
Mumbai (Maharashtra) [India], July 27 : Private sector lender IndusInd Bank on Tuesday reported a consolidated net profit of Rs 1,061 crore for the quarter ended June 30, marking a year-on-year rise of over 99 per cent.
The lender had posted a net profit of Rs 510 crore in Q1 FY21.
The bank's net interest income also rose 8 per cent year-on-year to Rs 3,564 crore from Rs 3,309 crore in Q1 FY21. Total income moved up 7 per cent to Rs 9,356 crore.
The bank reported 26 per cent hike in deposits to Rs 2.67 lakh crore in Q1 FY22 from Rs 2.11 lakh crore in the year-ago period. Saving deposit grew by 52 per cent to Rs 79,928 crore from Rs 52,527 crore.
Advances as on June 30 were Rs 2.1 lakh crore as against Rs 1.9 lakh crore last year.
However, asset quality deteriorated as the gross non-performing asset (GNPA) ratio climbed to 2.88 per cent in Q1 FY22 from 2.67 per cent in the previous quarter (Q4 FY21).
Additionally, the net NPA ratio rose to 0.84 per cent from 0.69 per cent.
The private sector lender has 2,015 branches and banking outlets besides 2,872 ATMs spread across the country. It also has representative offices in London, Dubai and Abu Dhabi.
