The earnings were announced after the market opened. The stock closed steady at Rs 1278.90 on BSE. The market capitalisation of the lender stood at Rs 99,625 crore.
Private sector lender Indusind Bank on Thursday reported a 40 per cent drop in net profit for the September 2024 quarter. Profit declined to Rs 1,331 crore in the second quarter, lower than Street estimates. Profit was hit by a rise in provisions for bad loans in the previous quarter. In the September 2023 quarter, the lender reported a profit of Rs 2181 crore.
Provisions and contingencies rose 87% to Rs 1,820 crore in the second quarter, from Rs 974 crore in the same quarter last year.
On the other hand, the lender’s net interest income (NII) grew 5 per cent to Rs 5,347 crore during the July-September quarter as against Rs 5,077 crore in the same quarter last year.
Net interest margin (NIM), a key measure of profitability, declined to 4.08 per cent from 4.29 per cent in the same period a year ago.
It recorded a 13 per cent (year-on-year) growth in loan growth to Rs 3.57 lakh crore. Deposits grew 15 per cent to Rs 4.12 lakh crore. The bank maintained a strong capital adequacy ratio (CRAR) of 16.51 per cent, supported by Tier 1 capital of 15.21 per cent, indicating a strong capital position.
The earnings were announced after the market opened. The stock closed steady at Rs 1278.90 on BSE. The market capitalisation of the lender stood at Rs 99,625 crore.
Indusind Bank Q2 earnings: Net profit downgrade 40%, provisions rise
