IndusInd Bank Ltd.'s profit met analyst estimates in the December-ended quarter even as its asset quality deteriorated marginally.
Net interest income, or the core income of the lender, rose 20.1 percent compared to the year-ago period to Rs 1,895 crore in the third quarter, according to its exchange filing. That’s close to the Rs 1,936 crore estimated by analysts tracked by Bloomberg. It’s the lowest growth in the lender’s core income in at least 10 quarters.
Net profit rose 24.7 percent year-on-year to Rs 936 crore, also in line with the Rs 927 crore estimate. Gross non performing assets rose to 1.16 percent compared to 1.08 percent in the previous quarter.
IndusInd Bank kicks off the earnings season being the first Nifty 50 company to report its numbers for the third quarter. Its shares fell 1.4 percent to Rs 1,710 after the announcement.
- The private lender’s gross non performing assets in absolute terms rose 11.4 percent to Rs 1,498.7 crore compared to the previous quarter. Net bad loans also rose marginally to 0.46 percent from 0.44 percent.
- Provisions for bad loans, however, fell marginally to Rs 236.2 crore compared to Rs 293.8 crore in the previous quarter.