IndusInd Q3 profit falls 39% on higher provisions - Delhi News Daily

Mumbai: Private sector IndusInd Bank‘s profit declined 39% to ₹1,401 crore in the quarter ended December 2024 from ₹2,301 crore a year ago due to higher provisions, as it set aside more funds to cover for an increase in bad loans, particularly in the microfinance sector.

The profit decline was shaper than expected as per analysts’ estimates of ₹1,411 crore, according to Reuters.

The bank’s provisions increased 87% to ₹1,744 crore as gross non performing assets (NPA) rose to 2.25% in the quarter ended December 2024, from 1.92% in the same time a year ago. Net NPA was at 0.68%, from 0.57% a year ago.

IndusInd’s NPA in the microfinance segment rose to ₹2,432 crore up from ₹2,259 crore a quarter ago. Net interest income – the difference between interest earned and paid – fell to ₹5,228 crore, declining 1.3% from ₹5,296 crore a year earlier.

Loans grew 12% to ₹5,49,499 crore, while deposits rose 11% to ₹4,09,438.