IndusInd Q1 key takeaways: Retail segment growth at 17%, asset quality stable
NEW DELHI: IndusInd Bank on Friday said its June quarter consolidated net profit rose 38.30 per cent year-on-year to Rs 1,432.50 crore compared with profit of Rs 1,035.72 crore in the year-ago period. Analysts were largely projecting numbers in Rs 1,000-1,250 crore range, with ET NOW poll estimate at Rs 1,181 crore.
Here are key takeaways from the private lenders first quarter results:
Bharat Fin nos included
The profit included numbers of IndusInd Financial Inclusion (Erstwhile Bharat Financial Inclusion) and associate IndusInd Marketing and Financial Services. Hence, the numbers for the quarter were not comparable with previous quarters. The merger with Bharat Financial resulted in an increase in profit of the bank by Rs 213.02 crore. Bharat Financial income for the quarter stood at Rs 667 crore.
Retail segment growth at 17%, wholesale lending 5%
Consolidated revenue for the retail segment rose 17 per cent for the quarter to Rs 4,756.62 crore. Revenue from wholesale segment grew just 5.09 per cent YoY to Rs 2521.22 crore. Treasury segment revenue soared 17.22 per cent YoY to Rs 1,406.61 crore.
NII missed estimate by a whisker, asset quality stable
The lender posted a net interest income of Rs 2,844 crore against ET NOW poll estimate of Rs 2,866 crore. Gross NPA stood at 2.15 per cent in the June quarter against 2.10 per cent sequentially, while net NPA came in at 1.25 per cent compared with 1.20 per Read More – Source