IndusInd Bank net up 21%

IndusInd Bank net up 21%

IndusInd Bank has reported a 21% growth in net profit for the quarter ended March 31, 2017, at Rs 751.61 crore, compared with Rs 620.35 crore in the same quarter last year.

Net interest income during the quarter grew 31% to Rs 1,667.45 crore, compared with Rs 1,268.21 crore in the fourth quarter of the previous fiscal.

Asset quality for the bank remained stable on a sequential, as well as year-on-year basis.

While gross NPAs stood at 0.93%, compared with 0.94% sequentially (Q3FY17) and 0.87% (Q4FY16), net NPAs remained unchanged sequentially at 0.39%. Net NPAs for the banks for the same quarter last year was at 0.36%.

The bank has made one-off provision of Rs 122 crore against a large corporate account classified as ‘Standard Advances’ pursuant to specific RBI advice in this regard.