IndusInd Bank Q3FY20 financial results
IndusInd Bank released its third-quarter financial results of the period under October-December of the financial year 2020. The bank is one of India’s latest new generation private banks. With branches across the country, the bank provides services throughout several categories which include Consumer Finance, Consumer Banking, corporate & commercial banking and as well as an Investment banking firm. The Indian based Bank also has office representatives in Dubai, Abu Dhabi and London.
Indusind Bank Q3FY20 financial results
IndusInd Bank released its latest financial result with the lender showing an increase in profit in the December ended quarter.
The bank posted a net profit of Rs 1,300 crore which is a 32% increased from the same period recorded in the previous financial year at Rs 985.03 crore.
The asset quality of the bank continues to remain balanced in term of the quarter on quarter basis. While non-performing assets (NPA) during Q3FY20 stood slightly below at 2.18 percent in comparison to 2.19 percent which is as on Q3FY19.
Gross NPA for the quarter stood at Rs 4,578.43 crore as compared to the previous quarter which stood at Rs 4370.20 crore.
Net NPA shows a slight decline at Rs 2173.29 crore from the previous quarter number which stood at Rs 2,202.57 crore.
The bank increased its provisions and contingencies by 41.44 % to Rs 1,043 crore as compared quarter on quarter.
The total income recorded during the period stood at Rs 9073.93 crore while profit before tax (PBT) stood at Rs 1,702.19 crore.
Net Interest Income (NII) of the lender increased by 34.35% at Rs 3,07.02 crore during the December ended quarter.
CEO statements after the result announcement
After the results were out the CEO of IndusInd Bank said that during the period under Q3FY20, the bank observed a steady growth in its top-line business as well in the operating profit. IndusInd Bank achieved an important milestone during the period as it balance sheet footage crossed Rs 3 lakh crore. Advances during the period also increase as it touches more than Rs 2 lakh crore. While Put Call Ratio (PCR) of the Bank reported an increase of 53% thus strengthen the bank’s balance sheet. The CEO added that the bank is looking forward to the same momentum of growth in the coming quarters.
IndusInd Bank stock was trading at Rs 1586.55 as of 14th December and close the day at Rs 1481.10. The bank incurred a heavy loss in stock price closing Rs 59.35 (3.85%) lower from the previous day closing price at Rs 1540.45.