Indusind Bank Q1 profit drops 72 pc to Rs 604 cr
PTI
Mumbai, Jul 28 (PTI) Private sector lender Indusind Bank on Monday reported a 72 per cent drop in its consolidated net profit for the June quarter at Rs 604 crore.
Indusind Bank, which is reeling under a slew of issues stemming from alleged irregularities of the management in recognising bad loans and trading reverses, had reported a net profit of Rs 2,171 crore in the year-ago period.
It had reported a loss of Rs 2,329 crore in the preceding March quarter, and the interim management, which has taken over operations of the business after the resignation of leadership including then chief executive Sumant Kathpalia, had said that all the possible impacts are recognised.
Total income dropped to Rs 14,420.80 crore in the April-June quarter of FY26 compared to Rs 14,988.38 crore in the year-ago period.
The lender's core net interest income also declined to Rs 4,640 crore during the reporting quarter against Rs 5,408 crore.
Decline in fee and other income was relatively limited, with the overall number dropping to Rs 2,157 crore from Rs 2,442 crore in the year-ago period.
The gross non-performing assets ratio for the lender increased to 3.64 per cent in June against 3.13 per cent in March, but the provisions declined on-quarter to Rs 1,760 crore from Rs 2,522 crore.
IndusInd Bank Chairman Sunil Mehta said the bank has delivered 'clean and profitable" results in the June quarter, marking a 'robust recovery" from the March quarter.
'The Committee of Executives has ensured seamless continuity and effective execution during this phase. The Bank has taken decisive action on legacy issues, strengthened governance, and enhanced operational controls," he said.
The overall capital adequacy of the lender stood at 16.63 per cent as of June 30, and included a core buffer of 15.48 per cent.
Indusind Bank shares closed 2.62 per cent down at Rs 802.15 on BSE ahead of the results announcement, as against a 0.70 per cent correction on the benchmark Sensex. PTI AA MR
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