Private sector lender, IndusInd Bank has reported a three-fold jump in its consolidated net profit for the January to March quarter (Q4 FY21) at Rs 926 crore as compared to Rs 315 crore in Q4 FY20.
Significantly, total provisions fell by 24 percent to Rs 1,866 crore from Rs 2,440 crore a year ago. Net interest income increased by 9 percent to Rs 3,535 crore from Rs 3,232 crore.
But net interest margin dipped to 4.13 per cent in Q4 FY21 from 4.25 per cent in the year-ago period. Fee income including those from retail banking totalled Rs 1,780 crore from Rs 1,773 crore.
The bank’s gross non-performing assets (NPAs) ratio stood at 2.67 per cent as compared with 2.45 per cent as on March 30 last year.
Sumant Kathpalia, Managing Director and CEO, said the Indian economy showed significant resilience against the impact of Covid-19 and had begun recovering in a gradual manner.
While that momentum may have reduced due to the onset of a second wave, the mass vaccination drive should help getting things back on track. “We look forward to participating in this journey with a strengthened balance sheet during the year.”
Kathpalia said the bank’s domain expertise like vehicle finance, micro-finance and diamond finance have witnessed strong disbursements, and expects the growth to become further broad-based in the current financial year.