On Wednesday, Induslnd Bank reported its Q3 profit which is 5 per cent higher than the last year. The bank has falsified Street estimation and managed to have a profit of Rs. 985 crore. According to the ET Nows forecast, the bank would attain Q3 profit up to Rs. 922 crore. However, the current profit margins have crossed the estimation figures.
Last year, the bank had reported a profit of Rs. 936.25 in the December quarter. In September quarter, the bank garnered Rs. 606.70 crore in contingency against Rs. 590 crore. Further, the December quarter recorded Gross NPA at 1.13 per cent against September quarters NPA.
Gross NPA of the December quarter comprises Rs.255 crore valuation of IL FS contingency. Furthermore, the bank includes a sum of Rs. 275 crore that the lender garnered in the September quarter. Not naming IL FS Company, the bank hinted and said, "Since October 1, certain governance and management changes have taken place in this group and measures to turn it around through a resolution plan are underway. The bank's management is monitoring the developments and implications of the resolution plan." ( Source: ET )
Further, the bank stated that it has adopted a prudential measure by creating a provision of Rs. 255 crore which mainly comprises standard assets. ( Source: ET )