Stock Report

IndusInd Bank Ltd reports Q1FY22 consolidated PAT of Rs. 1016.05 crores



Posted On : 2021-07-27 17:49:18( TIMEZONE : IST )

IndusInd Bank Ltd reports Q1FY22 consolidated PAT of Rs. 1016.05 crores

INDUSIND BANK LTD. has reported financial results for the period ended June 30, 2021.

Financial Results (Q1 FY 2021-22) - QoQ Comparison

The company has reported total income of Rs.9362.76 crores during the period ended June 30, 2021 as compared to Rs.9199.71 crores during the period ended March 31, 2021.

The company has posted net profit / (loss) of Rs.1016.05 crores for the period ended June 30, 2021 as against net profit / (loss) of Rs.926.07 crores for the period ended March 31, 2021.

The company has reported EPS of Rs.13.11 for the period ended June 30, 2021 as compared to Rs.12.09 for the period ended March 31, 2021.

FinancialsQ1 FY2021-22Q4 FY20-21% Change
Total Income₹ 9362.76 crs₹ 9199.71 crsUp Tick 1.77%
Net Profit₹ 1016.05 crs₹ 926.07 crsUp Tick 9.72%
EPS₹ 13.11₹ 12.09Up Tick 8.44%

Financial Results (Q1 FY 2021-22) - YoY Comparison

The company has reported total income of Rs.9362.76 crores during the period ended June 30, 2021 as compared to Rs.8682.17 crores during the period ended June 30, 2020.

The company has posted net profit / (loss) of Rs.1016.05 crores for the period ended June 30, 2021 as against net profit / (loss) of Rs.510.34 crores for the period ended June 30, 2020.

The company has reported EPS of Rs.13.11 for the period ended June 30, 2021 as compared to Rs.7.36 for the period ended June 30, 2020.

FinancialsQ1 FY2021-22Q1 FY2020-21% Change
Total Income₹ 9362.76 crs₹ 8682.17 crsUp Tick 7.84%
Net Profit₹ 1016.05 crs₹ 510.34 crsUp Tick 99.09%
EPS₹ 13.11₹ 7.36Up Tick 78.12%

Balance Sheet as on June 30, 2021

Balance Sheet footage as on June 30, 2021 was Pls.3,72,996 crores as against Rs.3,17,916 crores as of June 30, 2020, a growth of 17%.

Deposits as on June 30,2021 were Rs.2,67,233 crores as against Rs.2,11,265 crores, an increase of 26% over June 30,2020. CASA deposits increased to Rs.1,12,349 crores with Current account deposits at Rs. 32,422 crores and Saving account deposits at Rs.79,927 crores. CASA deposits comprised of 42% of total deposits as of June 30,2021.

Advances as on June 30,2021 were Rs.2,10,727 crores as against Rs.1,98,069 crores in June 30, 2020.

Asset Quality

The loan book quality was stable. Gross non-performing assets were at 2.88% of gross advances as on June 30, 2021 as against 2.67% as on March 31, 2021 and 2.53 % as on June 30, 2020. Net non-performing assets were 0.84% of net advances as on June 30,2021 as compared to 0.69% on March 31, 2021 and 0.86% on June 30, 2020.

The Bank strengthened its Balance Sheet by increasing Provision Coverage Ratio to 72% in June 2021 from 67% in June 2020. Provisions and contingencies for the quarter ended June 30, 2021 were Rs.2,169 crores (comprising of provision for credit and other losses at Rs.1,844 crores and towards taxes on income at Rs.325 crores) as compared to Rs.2,417 crores (comprising of provision for credit and other losses at Rs. 2,259 crore and towards taxes on income at Rs. 158 crore) for the corresponding quarter of previous year 2020-21.

Capital Adequacy

The Bank's Total Capital Adequacy Ratio as per Basel III guidelines improved to 17.57% (including PAT at 17.89%) as on June 30,2021, as compared to 15.16% as on June 30,2020. Tier I CRAR was at 16.87% as of June 30,2021 compared to 14.49% as of June 30, 2020. Risk-weighted Assets were at Rs. 2,72,367 crores (as against Rs.2,61,722 crores as at June 30, 2020).

Network

As of June 30, 2021, the Bank's distribution network included 2,015 branches and banking outlets and 2,870 onsite and offsite ATMS across 760 geographic locations, as against l,9l I branches and banking outlets and 2,721 onsite and offsite ATMs across 751 geographic locations as of June 30, 2020. The extended Network of the Bank includes branches of BFIL and outlets of IMFS. The number of employees were at 30,024 as of June 30,2021 as against 30,331 as of June 30, 2020. The client base stood at 29 million as on June 30,2021.

Commenting on the performance, Mr. Sumant Kathpalia, Managing Director & CEO, IndusInd Bank said: "The first quarter of this financial year witnessed spread and subsequent containment of covid second wave across the country. The economy once again showed resilience with higher activity levels compared to the first wave, supported by effective fiscal and monetary support. IndusInd Bank also responded well to the changing situation with smooth client servicing. The Bank conducted nationwide vaccination drives to inoculate our employee base. The Bank witnessed strong growth in its deposit base (up 26% YoY) driven by CASA (up 33% yoy). The Bank was cautious in the loan growth (up 6%) given the challenging operating environment. Our Pre-Provision Operating Profits was strong at Rs 3,185 crores. The Bank has followed conservative provisioning approach with Net NPA of 0.84% and a surplus provision of Rs 2,050 crores outside this for contingencies if any. We expect the economic recovery to gain traction as the second wave recedes coupled with the ongoing vaccination drive. The Bank is well positioned to cautiously participate in the economic recovery."

Shares of INDUSIND BANK LTD. was last trading in BSE at Rs. 975.65 as compared to the previous close of Rs. 981.3. The total number of shares traded during the day was 277831 in over 7418 trades.

The stock hit an intraday high of Rs. 994 and intraday low of 963.35. The net turnover during the day was Rs. 272020435.

Source : Equity Bulls

Keywords