Business & Investment

IndusInd Bank’s second-quarter profit increased 72% due to higher revenues and lower provisions.

The allowance was Rs 1,703, down 13% year-on-year. Management attributed the surge in profits to NII and higher fees.

IndusInd BankNet income increased 72% year-on-year to Rs 1,113.53 in the September quarter, backed by higher revenues and lower provisions.

Banks’ net interest income (NII) increased 11.6% year-on-year to 3,658 rupees, other income increased 18% to 1,837 rupees, and net interest margin (NIM) increased 1 basis point (bps) to 4.07%. rice field. The allowance was Rs 1,703, down 13% year-on-year. Management attributed the surge in profits to NII and higher fees.

Sumant Kathpalia, Managing Director and CEO, said growth momentum accelerated in the second quarter. “Strong spending in the retail segment, coupled with a revitalized corporate franchise, reassures us of continued loan growth and acceleration of NII. Pre-provisioning operating margins are expanding. Looking at pricing, it’s expanding across all pricing vectors, “he says.

As of September 30, 2021, advance payments were up 9.72% year-on-year to Rs 2.21 and total deposits were up 21% year-on-year to Rs 2.75. Current Deposits (CASA) deposits accounted for 42% of total deposits as of September 30, 2021, up from 40% in the previous year.

Restructuring down payments accounted for 3.6% of bank loans. “Looking at the conservative simulation of credit costs from the rebuilt pool, I think we’re well prepared to handle the reserves from the rebuilt books,” Kathpalia said. ..

Slippage in the second quarter of 2010 was Rs 2,658, down from Rs 2,762 in the previous quarter. During the quarter, banks made a collection worth Rs 1,024 and an upgrade worth Rs 1,141. Total non-performing assets (GNPA) increased from 2.88% as of June 30, 2021 to 2.77% of advance payments as of September 30, 2021. The net NPA ratio dropped from 0.84% ​​as of September 30, 2021 to 0.8%. % As of June 30, 2021.

IndusInd Bank shares closed at BSE at Rs 1,141.85 on Wednesday, down 1.11% from the previous transaction. The result was declared after the transaction was closed.

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IndusInd Bank’s second-quarter profit increased 72% due to higher revenues and lower provisions.

https://www.financialexpress.com/industry/banking-finance/indusind-bank-q2-profit-up-72-on-higher-income-lower-provisions/2358214/ IndusInd Bank’s second-quarter profit increased 72% due to higher revenues and lower provisions.

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