IndusInd Bank 3rd quarter net income up 5%

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IANS

Mumbai, Jan. 9 (IANS) IndusInd Bank announced Wednesday a 5% increase in its net profit for the third quarter (Q3) of 2018-2019.

Net profit for the quarter under review was Rs. 985 crore compared to Rs. 936 crores during the same period last year.

"The net profit for the quarter amounts to 985 crore rupees (after consideration of the provision for prudential contingency of 255 crores of rupees) against 936 crores of Rupees in the third quarter of fiscal year 2008, showing a growth of 5%, "said the bank in a statement.

The bank reported that its net interest income for the quarter in question increased by 21 percent to R288 crore compared to R1,895 crore earned in the corresponding quarter of the previous year.

According to the lender, its net APN (non-performing assets) as of December 31, 2018 reached 0.59%, compared to 0.46% as of December 31, 2017.

"As of December 31, 2018, the gross APN was 1.13%, against 1.16% as of December 31, 2017," the statement said.

In addition, the bank, without naming the group IL & FS, said: "Advances granted to various companies and SPVs belonging to a group of the infrastructure sector against certain cash flows identified and relating to specific assets are" standard "as of December 31, 2018. on the basis of the keeping of accounts until the date.

"Since October 1, 2018, some changes in governance and management have taken place within the group and steps are being taken to redress the situation through a resolution plan."

The bank indicated that it was monitoring the evolution and implications of the "Resolution Plan".

"In the meantime, as a prudential measure, the bank has established a contingent provision of 255 million rupees on these" Standard "assets during the quarter ended December 31, 2018, in addition to an amount of of Rs.275 million during the quarter ended September 30, 2018. The total provisions attributable to this exposure is Rs 600 crore, "the statement added.

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Updated: January 9, 2019