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Home / Business / IndusInd Bank net profit falls 34% on provisions

IndusInd Bank net profit falls 34% on provisions

Asset quality during the quarter was stable with gross NPA standing at 1.74 per cent of gross advances against 2.18 per cent as on December 31, 2019
Provisions for credit and other losses increased to Rs 1,853.52 crore from Rs 1,043.45 crore in the same period of the previous year

Our Special Correspondent   |   Mumbai   |   Published 30.01.21, 03:05 AM

IndusInd Bank on Friday reported a 34 per cent fall in net profit at Rs 852.76 crore for the third quarter ended December 2020 because of a rise in provisions. The net profit stood at Rs 1,300.20 crore in the year-ago period.

Provisions for credit and other losses increased to Rs 1,853.52 crore from Rs 1,043.45 crore in the same period of the previous year.

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Asset quality during the quarter was stable with gross NPA standing at 1.74 per cent of gross advances against 2.18 per cent as on December 31, 2019.

Exide net jumps

Battery maker Exide Industries on Friday reported an over two-fold jump in consolidated net profit after tax (PAT) at Rs 239.87 crore in the third quarter ended December 2020 on robust sales. The company had posted a consolidated PAT of Rs 118.15 crore in the year-ago period.

Revenue from operations during the quarter under review stood at Rs 4,196.53 crore against Rs 3,553.64 crore in the corresponding year-ago period.



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