IndusInd Bank Q3 results: Profit jumps 32% to Rs 1,300 crore, but misses estimates

NEW DELHI: IndusInd Bank on Tuesday missed Street estimates, as it posted 32 per cent year-on-year rise in profit at Rs 1,300 crore for the quarter ended December 31 against Rs 985.03 crore net in the same period last year.

Analysts in an ET NOW poll had projected the number at Rs 1,450 crore.

Asset quality of the lender remained almost stable on a quarter-on-quarter (QoQ) basis. Percentage of gross non-performing assets (NPA) stood at 2.18 per cent in the December quarter against 2.19 per cent as of September 30, 2019.

Net interest income (NII) increased 34.35 per cent on a yearly to Rs 3,074.02 crore during the quarter under review. Analysts had projected a net interest income of Rs 2,990 crore.

Romesh Sobti, Managing Director & CEO of Induslnd Bank said: "During Q3FY20, the bank witnessed a healthy growth in its topline as well as in operating profit. We reached a milestone as the balance sheet footage crossed Rs 3 lakh crore and advances crossed the Rs 2 lakh crore mark. PCR increased to 53 per cent to strengthen the balance sheet. We look forward to moving into the subsequent quarters with renewed momentum."

Provisions and contingencies increased 41.44 per cent QoQ and 71.99 per cent YoY to Rs 1,043.45 crore.

The shares of the lender closed 4.05 per cent lower at Rs 1478 on BSE.