IndusInd Bank beats street estimates in its fourth-quarter ending March, 2021 (Q4FY21) result, by registering a whopping 190% y-o-y jump in net profit to Rs. 876 crore. Net Interest Income for the quarter was at Rs. 3,535 crore were higher by 9% earned during the quarter ending March, 2020 at Rs. 3,232 crore. Net Interest Margin stood at 4.13% in the latest quarter.
In its audit report, IndusInd Bank said that the loan book quality was stable. The Gross NPA were at 2.67% of gross advances as of March 31, 2021, as against 2.45% as of March 31, 2020. On account of a higher level of prudential provisioning, the net non-performing assets were 0.69% of net advances as of March 31, 2021, as compared to 0.91% on March 31, 2020.
Pre Provision Operating Profit (PPOP) at Rs. 3,129 crore for the quarter ended March 31, 2021, registered a growth of 10% over Rs. 2,857 crore for the corresponding quarter of the previous year. PPOP/Assets ratio, on an annualised basis, for the quarter ended March 31, 2021, stood at 3.68% compared to 3.84% in the corresponding quarter of the previous year.
In terms of the balance sheet, total deposits as of March 31, 2021, were Rs. 2,55,870 crore as against Rs. 2,02,027 crore, an increase of 27% over March 31, 2020. CASA deposits stood at Rs. 1,06,791 crore with current account deposits at Rs. 35,726 crore and saving account deposits at Rs. 71,065 crore. CASA deposits comprised 42% of total deposits as of March 31, 2021.