IndusInd Bank, a private sector lender reported 38.3 % jump in its standalone net profit at Rs 1,432.50 crore for the June quarter of this financial year corresponding to Rs 1,035.72 crore against the preceding financial year ended on March 2019.Total income grew to Rs 8,624.62 crore during the June quarter of 2019-20 as against Rs 6,369.75 crore in the same period of 2018-19.
Besides profit jumps, the lender witnessed an uptick with the gross non-performing assets (NPAs) rising to 2.15 per cent of the gross advances at the end of June 2019, as against 1.15 per cent by end of June 2018. Similarly, the net NPAs or bad loans too jumped to 1.23 per cent, from 0.51 per cent in the year ago period.
The results of the first quarter of this financial year include the operating performance of Bharat Financial Inclusion Ltd (BFIL), which has been merged with the lender now.
Romesh Sobti, MD & CEO of the lender said in a statement, “We have successfully completed the merger with BFIL. During this quarter, the Bank has witnessed healthy growth in its topline as well as in operating profits it will now push forward into the subsequent quarters basis our strong belief in new opportunities, especially in rural India.”