IndusInd’s Q4 FY20 consolidated net profit down 14%

New Delhi, April 27 (IANS) Private lender IndusInd Bank’s consolidated net profit fell 14.05 per cent during the fourth quarter of FY20.

IndusInd Bank’s March quarter net profit declined to Rs 315.18 crore from Rs 359.48 crore reported in the corresponding period of the previous fiscal.

“Net interest income during Q4 FY 2019-20 increased to Rs 3,231.19 crore, up by 44.74 per cent from Rs 2,232.38 crore for Q4 FY 2018-19,” the bank said in a statement.

“Net interest margin for Q4 FY 2019-20 improved to 4.25 per cent from 4.15 per cent during Q3 FY 2019-20 and 3.59 per cent during Q4 FY 2018-19,” it added.

In terms of the full fiscal year, the consolidated net profit grew by 35.07 per cent to Rs 4,458.18 crore from Rs 3,300.75 crore during FY 2018-19.

“Net interest income for the year FY 2019-20 increased to Rs 12,058.74 crore, up by 36.32 per cent from Rs 8,846.18 crore for FY 2018-19. “Net interest margin for FY 2019-20 improved to 4.14 per cent,” the statement said.

Commenting on the performance, Sumant Kathpalia, Managing Director and CEO, IndusInd Bank, said: “During FY20, as well as Q4, the bank has witnessed healthy growth in its topline as well as in its pre-provision operating profits.”

“The bank’s CRAR remains strong while PCR has also improved significantly. During the quarter, there was a considerable slowdown in economic activities following the outbreak of Covid-19 which did have an impact on business volumes across sectors,” Kathpalia added.

–IANS

rv/arm