IndusInd Bank shares gained 1 per cent in a weak market as the bank’s net profit doubled to Rs 1,016 crore in the June quarter. On Wednesday, the private sector lender reported a 99 per cent year-on-year growth in net profit at Rs 1,016 crore for the quarter ended June 2021 compared to Rs 510 crore in the corresponding quarter last year, on the back of growth in retail loans and lower non-performing assets (NPA) provisioning. At 11:25 am, IndusInd Bank shares were trading at Rs 985.90, up 1.1 per cent, on the BSE.
IndusInd Bank’s non-performing assets rose slightly to 2.88 per cent of the gross advances by the end of June 2021, compared to 2.53 per cent in the year-ago period. Bad loans or net NPAs came down to 0.84 per cent from 0.86 per cent last year.
The provisioning for the bad loans and contingencies also reduced to Rs 1,844.02 crore for the June quarter from Rs 2,258.88 crore in the corresponding quarter last year.
The BSE Sensex was trading at 52,111, lower by 479 points or 0.91 per cent and the NSE Nifty was at 15,601.85, down 145.10 points or 0.95 per cent at the time.