Pune-based IndusInd Bank Limited today reported a Net Interest Income (NII) of Rs 3,793.6 crore for the quarter ended December 31, 2021. In its quarterly earnings report, the bank said this was an 11.4 percent year-on-year increase. The bank's Net Interest Margin for Q3FY22 stood at 4.10 percent as against 4.07 percent for Q2FY22 and 4.12 percent for Q3 FY21.Further, the bank reported a total consolidated income of Rs 9,614.34 crore on the back of a growth in its retail, corporate, and wholesale banking businesses. The income was just over a percentage point higher than that reported in the September quarter.As per its quarterly earnings report, the bank recorded a quarterly increase in its net profit to Rs 1,241 crore--an 8.26 percent increase quarter-on-quarter and 49.5 percent year-on-year rise. The bank's operating profit stood at Rs 3,312 crore, up 12 percent YoY and nearly 3 percent QoQ.However, the lender witnessed a deterioration in its asset quality as the gross non-performing assets (NPAs) rose to 2.48 percent of the gross advances in the reporting quarter, up from 1.74 percent YoY but down from 2.77 percent QoQ, while net NPAs stood at 0.71 percent as against 0.8 percent the previous quarter and 0.22 percent in December 2020."Our GNPAs and restructured book have reduced during the quarter, while Provision Coverage Ratio was consistent at 72 percent. NIM improvement was driven by a continued reduction in cost of deposits," Sumant Kathpalia, MD and CEO, IndusInd Bank, said during an earnings call."While COVID remains a risk, impact of the recent wave on business has been limited. Our microfinance portfolio saw slippages in line with our expectations and provisions are sufficient to meet any future challenges," he added.
(Edited by : Vijay Anand)
First Published: IST
IndusInd Bank Q3 Results: NII rises 11.4% YoY to Rs 3,793 crore; net profit up nearly 50% to Rs 1,241 crore - CNBCTV18
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