Economy

IndusInd Bank net jumps 25% on robust CV loan demand

IndusInd Bank net jumps 25% on robust CV loan demand”

IndusInd Bank Ltd posted a 25 per cent rise in its second-quarter net profit, helped by higher interest income.

Net Interest Income stood at Rs 1,820.99 crore in Q2, which reflected growth of 24.69% year-on-year (YoY) and 2.64% on quarter-on-quarter (QoQ) basis.

According to the lending major, its net profit during the quarter under review rose to Rs 880.1 crore from Rs 704.26 crore reported for the corresponding period of last fiscal.

Gross non-performing assets marginally rose to 1.08 per cent of the total advances, from 0.90 per cent a year ago, as the bank had to provide for Rs 36 crore for the six of the 28 accounts that RBI had referred to the NCLT for resolution. The company plans to maintain this NIM and use excess margin from retail loans to subsidise good quality corporate book.

The capital adequacy ratio (CRAR) for the quarter was 15.63 per cent against 16.18 per cent in the previous quarter.



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