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IndusInd Bank net profit up 29% at Rs 750.64 crore in Oct-Dec

IndusInd Bank posted a net profit of Rs 750.64 crore, up 29% in the October – December quarter compared to the the same period last year. In the Oct-Dec 2015 quarter, the bank had posted a net profit of Rs 581.02 crore. IndusInd Bank’s results kicked off the post-demonetization quarterly results season.

On a sequential basis, the net profit was up 6.6% compared to the Rs 704.26 crore posted in the July – September period.

The bank’s gross NPAs were at 0.94% in the quarter compared to 0.82% in the same period last year and 0.90% versus the previous quarter.

Provisions and contingencies made by the bank grew to Rs 216.85 crore compared to Rs 177.08 crore, up 22.5% in the quarter under consideration.

On a sequential basis, the provisions made by the bank grew 1.39% from Rs 213.88 crore to Rs 216.85 crore.

On the BSE, IndusInd Bank’s stock closed at Rs 1161.85, up Rs 2.15 or 0.19% from previous close. The 30-share Sensex was up 173.01 points or 0.65% at 26,899.56.