IndusInd Bank net profit rises 33% yoy in Q3FY20

IndusInd Bank posted a net profit rise of 33% at Rs1,309cr in the quarter ended December 2019, as against a net profit of Rs985cr in the corresponding quarter of the previous year.

Net Interest Income (Nll) for the quarter is Rs3,074cr as against Rs2,288cr in the corresponding quarter of the previous year, registering a robust growth of 34% yoy.

Non-interest income for the quarter is Rs1,790cr as against Rs1,469cr in the corresponding quarter of the previous year, a growth of 22%.

Net NPA as on December 31, 2019, stood at 1.05% as against 0.59% on December 31, 2018.

Total advances as on December 31, 2019 is at Rs2.07 lakh cr as compared to Rs1.73 lakh cr on December 31, 2018, recording a growth of 20%.

Romesh Sobti, Managing Director & CEO, Induslnd Bank said, "During Q3FY20, the Bank witnessed a healthy growth in its topline as well as in operating profits. The Bank also reached a milestone as the Balance Sheet footage crossed Rs3 trillion and the Advances crossed the Rs2 trillion mark. PCR has been increased to 53% to strengthen the Balance Sheet. We look forward to moving into the subsequent quarters with renewed momentum."

Stock view:

IndusInd Bank Ltd is currently trading at Rs1,538.35, down by Rs2.1 or 0.14% from its previous closing of Rs1,540.45 on the BSE.

The scrip opened at Rs1,545 and has touched a high and low of Rs1,586.55 and Rs1,525 respectively.

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