IndusInd Bank Q3 PAT rises 36% YoY to Rs 1161 cr

29 Jan 2022 , 04:31 PM

The banks total income in the third quarter ended December 2021 rose by 7.4% YoY to Rs 9614.27 crore. The banks operating profit before provisions and contingencies for the quarter increased by 7.8% year on year to Rs 3205.07 crore. Standalone profit before tax stood at Rs 1551 crore in Q3 FY22, 38.5% higher than Rs 1,119.76 crore.

Provisions and Contingencies dipped by 10.7% to Rs 1654.05 crore in Q3 FY22 from Rs 1,853.52 crore in Q3 FY21. Capital Adequacy Ratio stood at 18.06% in Q3 FY22 as compared to 17.37% in Q2 FY22 and 16.34% in Q3 FY21.

On the asset quality front, gross non-performing assets aggregated to Rs 5779.27 crore as at 31 December 2021 as against Rs 6245.04 crore as at 30 September 2021 and Rs 3650.66 crore as at 31 December 2020. The gross NPA ratio was 2.48% as at 31 December 2021 as against 2.77% as at 30 September 2021. The net NPA ratio was 0.71% as at 31 December 2021 as against 0.8% as at 30 September 2021.

Commenting on the performance, Sumant Kathpalia, MD & CEO of IndusInd Bank said, ?The country saw resurgence of the Covid wave during Q3. The economic impact however has not been as severe due to effective policy responses as well as ongoing vaccination program. The Bank too, saw continued traction on operating performance metrics. Our loan book grew by 10%YoY driven by healthy growth in most of the customer segments. Our deposits grew ahead of loans at 19% YoY with current and savings account deposits growing 24% YoY. Our Net Interest Margins improved to 4.10% supported by continued reduction in cost of deposits. With healthy operating profit margins and falling provisions, our profit after tax grew 8% QoQ and 50% YoY to ₹1,242 crores for Q3. The GNPA and NNPA ratios improved QoQ to 2.48% and 0.71% respectively, with a comfortable provision coverage ratio of 72%. While the Covid remains a risk to watch out for, the implications of the recent wave on our businesses have been limited. We are thus committed to executing our strategy quarter on quarter.?

IndusInd Bank caters to both consumer and corporate customers. As of 31 December 2021, the banks distribution network included 2,103 branches and banking outlets and 2,861 onsite and offsite ATMs across 769 geographic locations.

Shares of IndusInd Bank closed 1.72% higher at Rs 903.55 on Friday.

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