IndusInd Bank Q1 FY20 Result: Net profit jumps 38 percent, bank earns Rs 1433 crore

The Board of Directors of IndusInd Bank Ltd. on Friday approved and adopted its Unaudited Financial Results for the first quarter ended June 30, 2019.

IndusInd Bank Q1 FY20 Result: Net profit jumps 38 percent, bank earns Rs 1433 crore
IndusInd banks Net Interest Income (NII) for the quarter is Rs. 2,844 crores as against Rs. 2,122 crores in the corresponding quarter of the previous year
Written By: ZeeBiz WebTeam
Updated: Fri, Jul 12, 2019
03:38 pm
ZeeBiz WebDesk
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The Board of Directors of IndusInd Bank Ltd. on Friday approved and adopted its Unaudited Financial Results for the first quarter ended June 30, 2019. IndusInd bank has reported Net Interest Income of Rs 2844 crore. In the same quarter of the last financial year IndusInd Bank had reported net interest income of Rs 2122 crore. In the first quarter of FY 19-20, IndusInd Bank has reported a net profit of Rs 1433 crore, which 38 per cent more than the net profit of Rs 1036 crore reported in the same quarter of last financial year. 

Commenting on the quarterly report, Romesh Sobti, MD & CEO, IndusInd Bank said, “We have begun the first quarter of this financial year on a positive note, as we have successfully completed the merger with BFIL. We are delighted that the talent, capabilities and distribution of BFIL will enable the Bank to play a more meaningful role in Rural India towards building financial inclusiveness and sustainability across unbanked as well as under-banked locations of the country. During this quarter, the Bank has witnessed healthy growth in its topline as well as in operating profits and will now push forward into the subsequent quarters basis our strong belief in new opportunities, especially in rural India.”

Higlighlighs of IndusInd Bank Q1 Result: 

- Net Interest Income (NII) for the quarter is Rs. 2,844 crores as against Rs. 2,122 crores in the corresponding quarter of the previous year, registering a robust growth of 34 %.

- Non-Interest income for the quarter is Rs. 1,663 crores as against Rs. 1,302 crores in the corresponding quarter of the previous year, a growth of 28%.

- Core fee income for the quarter is Rs. 1,402 crores as against Rs. 1,165 crores in the corresponding quarter of the previous year, marking a growth of 20%.

- Operating Profit for the quarter is Rs. 2,591 crores as against Rs. 1,911 crores in the corresponding quarter of the previous year, showing a growth of 36%.

- Net Profit for the quarter is Rs. 1,433 crores as against Rs. 1,036 crores in the corresponding quarter of the previous year, showing a growth of 38%.

- CASA (Current Accounts- Savings Accounts) Ratio stands at 43.04 % as on June 30, 2019 as against 43.42% as on June 30, 2018.

- Total Advances as on June 30, 2019 is at Rs. 1,93,520 crores as compared to Rs. 1,50,675 crores on June 30, 2018, recording a growth of 28%.

- Total Deposits as on June 30, 2019 is at Rs. 2,00,586 crores as compared to Rs. 1,58,862 crores on June 30, 2018, up by 26%. Total Business is at Rs. 3,94,106 crores.

- Savings accounts balance as on June 30, 2019 is at Rs. 57,652 crores, rose 21 % from Rs 47,711 crores as on June 30,2018.

- Net NPA as on June 30, 2019 is at 1.23 % as against 0.51 % on June 30, 2018.

- Credit Cost stable at 16 bps in June 2019 as against 14 bps in June 2018.

- Increase in network to 1701 Branches / banking outlet and 2605 ATMs as on June 30, 2019 as against 1410 Branches / banking outlet and 2285 ATMs as on June 30, 2018 (this is excluding BFIL Network branches).