IndusInd Bank Q4 results: Net profit increased by 190.20% YoY to Rs. 875.95 crores
IndusInd Bank Q4 results: It is the largest private bank in India located in Pune. It provides services in commercial, transactional, and electronic banking products across India. It is the first among the new generation private banks inaugurated by prime minister Manmohan Singh. Whereas the bank name is derived from Indus Valley Civilisation. However, the bank works under the chairmanship of S.P. Hinduja. The present chief executive officer (CEO) & managing director (MD) of the company is Sumant Kathpalia.
Meanwhile, on Friday, April 30th, the bank posted its Q4 results for the financial year 2021-22. The bank’s standalone net profit increased by 190.20% Year-on-Year (YoY) to Rs. 875.95 crores in this quarter ended in March 2021. While the bank also posted its standalone net profit of Rs. 301.84 crores in the same quarter last fiscal year.
Moreover, the bank’s net interest income (NII) during this quarter increased by 9.40% YoY to Rs. 3,534.61 crores as against Rs. 3,231.19 crores in the same quarter last year.
Whereas the numbers were largely in line with the estimates of Rs. 875.40 crores. While the net interest income at Rs. 3,485.90 crores as per the estimates from the analysts.
On the other side, the bank’s gross non-performing assets (NPA) during the quarter increased 93 basis points (bps) to 2.67%. While the net non-performing assets (NPA) of the bank increased by 47 basis points (bps) to 0.69% in this quarter ended on March 31st, 2021.
While the provisions and contingencies of the bank declined by 23.50% to Rs. 1,865.69 crores. The bank’s tax expenses during the quarter increased by 240.30% to Rs. 94.01 crores in Q4FY21.
Besides, the bank’s non-interest income increased by 0.50% to Rs. 1,780.12 crores. The bank’s pre-provision operating profit increased by 7.90% to Rs. 3,061.53 crores during the same period last year.
However, the shares of IndusInd Bank Limited on Friday reported a bearish trend in the stock market. It lost 4.50 points with a 0.48% decrease and reached 934.95 INR. While in BSE, the bank lost 4.05 points with a 0.43% decrease and reached 934.95 INR.
Stock Market on April 30th:
On Friday, both Sensex and Nifty reported a bearish trend in the stock market after bullish reports from the last four sessions of the market. The Sensex is trading below 48,800 levels and nifty trading below 14,700 levels in the stock market. The Sensex lost 983.58 points with a 1.98% decrease and reached 48,782.36 levels. While the nifty lost 263.80 points with a 1.77% decrease and reached 14,631.10 levels.
On the other side, the number of coronavirus cases in India on Saturday, May 1st reached 1,91,64,969 with almost 2,11,853 deaths.
In the border markets, the S&P BSE SmallCap index reported a bearish trend in the stock market on Friday. It lost 15.93 points with a 0.073% decrease and reached 21,670.11 levels. Whereas, the S&P BSE MidCap lost 133.24 points with a 0.65% decrease and reached a 20,312.20 level. While the Nifty Bank lost 932.70 points with a 2.77% decrease and reached 32,781.80 level.
Top Gainers on April 30th: ONGC, Coal India, Divi’s Laboratories, Grasim Industries, and IOC are the top gainers in today’s stock market.
Top Losers on April 30th: HDFC, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, and Asian Paints are the top losers in today’s stock market.
The post IndusInd Bank Q4 results: Net profit increased by 190.20% YoY to Rs. 875.95 crores appeared first on Stock Investor.