IndusInd Bank reported a 55.4 per cent jump in its standalone net profit in the fourth quarter of the fiscal, led by strong growth in net interest income and lower provisions.
The private sector lender had a standalone net profit of ₹1,361.37 crore in the quarter ended March 31, 2022, against ₹875.95 crore in the same period in the previous fiscal.
For the full financial year 2021-22, its standalone net profit surged by 62.6 per cent to ₹4,611.12 crore from ₹2,836.39 crore in 2020-21.
For the January to March 2022 quarter, the bank’s net interest income rose by 12.7 per cent to ₹3,985.16 crore from ₹3,535.62 crore a year ago.
Other income increased by 6.8 per cent on a year on year basis to ₹1,902 crore in the fourth quarter of 2021-22.
Provisions declined by 21.5 per cent to ₹1,463.52 crore in the fourth quarter of 2021-22, compared to ₹1,865.69 crore a year ago. Provision Coverage Ratio was consistent at 72 per cent as at March 31, 2022 as well as at December 31, 2021.
Asset quality showed some improvement.
Gross non-performing assets amounted to ₹5,517.15 crore or 2.27 per cent of gross advances as on March 31, 2022, from 2.67 per cent as on March 31, 2021. Net NPAs were also lower at 0.64 per cent of net advances as on March 31, 2022 versus 0.69 per cent a year ago.
Sumant Kathpalia, Managing Director and CEO, IndusInd Bank, said the priority in the next year would be to maintain the momentum on disbursals.
“The bank too saw improvement across disbursements, deposits and asset quality with receding Covid impact,” he said.
The bank’s deposits grew by 15 per cent while loan growth accelerated to 12 per cent during the year.
The board of the bank approved payment of dividend at the rate of Rs 8.5 per equity share of ₹10 each of the bank, for the financial year 2021-22, subject to approval of the shareholders at the ensuing Annual General Meeting.