Private sector lender IndusInd Bank standalone net profit surged 190.2 per cent in the quarter ended March 31, 2021 to ₹875.95 crore as against ₹301.84 crore in the fourth quarter of 2019-20.
However, for the full fiscal 2020-21, its standalone net profit fell 35.8 per cent to ₹2,836.39 crore from ₹4,417.91 crore in 2019-20. For the quarter ended March 31, 2021, the net interest income increased 9.4 per cent to ₹3,534.61 crore as against ₹3,231.19 crore a year ago. The net interest margin was at 4.13 per cent for the quarter.
Increase in other income
Other income increased marginally to ₹1,780.12 crore for the fourth quarter last fiscal versus ₹1,772 crore in the same period in the previous fiscal. Provisions declined 23.5 per cent in the fourth quarter last fiscal to ₹1,865.69 crore versus ₹2,440.32 crore a year ago. The gross non performing assets stood at ₹5,794.99 crore as on March 31, 2021 or 2.67 per cent of the gross advances as against 2.45 per cent a year ago. The net NPAs stood at 0.69 per cent of the net advances as on March 31, 2021 compared to 0.91 per cent as on March 31, 2020.
The board also recommended a dividend of ₹5 per equity share of face value of ₹10 each for 2020-21, subject to approval of the shareholders at the annual general meeting.