The Quarter 1 Results of IndusInd Bank is out

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 IndusInd Bank Limited is a well-known Indian new generation bank. The headquarters were located in Pune, Maharashtra. The Bank was established in April 1994 and inaugurated by the Union Finance Minister Dr. Manmohan Singh.  S.P.Hinduja was the Founder of the IndusInd Bank. This Bank is the first one among the new-generation private banks in India. Their vision outlines as a relevant business and banking partner to its clients and a forerunner in the marketplace in terms of profitability, productivity, and efficiency to collaborate with clients in providing solutions for their banking needs.

They started their operations with a capital amount of Rs. 1 billion. For this they raised Rs. 600 million from the Indian residents and the balance amount of Rs. 400 were raised from the non-resident Indians. The bank specializes in retail banking services and gradually upgrades its support systems by introducing newer technologies as per the changes that occurred. They are also working on expanding their network of branches all across the country along with meeting the global benchmark. The name of the Bank IndusInd is derived from the Indus Valley Civilisation. They offer various banking products and services to their customers. Their products include Credit Cards, Consumer Banking, Corporate Banking, Finance and insurance, Mortgage loans, Private banking, Wealth Management, Investment banking, and services include Branch Banking, Consumer Finance, Commercial & Transaction Banking, Cash Management Services (CMS), Trade Service Utility (TSU), Depository Operation, Treasury Operations, etc.

 On Tuesday IndusInd bank reported 64.37 percent year-on-year (YoY) fall in consolidated net profit at Rs 510.34 crore for the first quarter ended by 30th June. In the last year quarter one, the lender had posted a net profit of Rs 1,432.50 crore. The net interest income (NII) for the quarter was at Rs 3,309 crore which was against the estimates of Rs 3,100 crore.  In the last year’s quarter, it was about Rs 2844 crore. Total provisions required for Q1FY21 was at Rs 2,259 crore, against the previous year quarter of about Rs 2,440 crore. Last year, the provisions were nearly at Rs 431 crore. The gross bad asset ratio has increased to 2.53 percent from 2.45 percent in the quarter of March. In the last year, it was 2.15 percent. In the case of the Net bad asset ratio, it stood at 0.86 percent against 0.91 percent in the previous quarter and 1.23 percent in the corresponding to the last quarter year.

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