IndusInd Bank recorded a combined net profit of Rs 1,241.39 crore for the Q3 concluded December 31, 2021, up 49.49% year on year, as the private bank’s overall income increased substantially. According to a BSE filing, the company’s net profit for the Q3 of the past fiscal year was Rs 830.39 crore.
The bank’s asset quality, however, has deteriorated, with gross non-performing assets (NPAs) rising to 2.48 per cent of the overall loans as of December 31, 2021, up as compared to 1.74 per cent in December 2020.
The bank recorded Combined total earnings of Rs 9488.06 crore for the financial quarter September 30, 2021, up 1.34 per cent from the previous quarter’s net income of Rs 9362.76 crore and up 8.66 per cent from the identical quarter last year’s net income of Rs 8731.52 Crore. In the most recent quarter, the bank posted a net profit post-tax of Rs 1146.73 crore.
“Whereas the Covid remains a concern to be aware of, the newest wave’s impact on our operations has been modest,” said Sumant Kathpalla, chief executive officer and managing director of the IndusInd Bank.
As of December 31, IndusInd Bank’s net lending was Rs 2.28 lakh crore, up 10% over the year.
As of September 30, 2021, the investors owned 16.54 per cent of the firm, Foreign Institutional Investors 51.44 per cent, and Domestic Institutional Investors 18.96 per cent.