IndusInd Bank Q2 net profit surges 50% to Rs.1383 crore, but misses estimates
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New Delhi, Oct. 10 -- Private lender IndusInd Bank Ltd on Thursday reported a 50% increase in its September-quarter net profit from a year ago due to higher net interest and other income.
Net profit for the quarter stood at Rs.1,383.37 crore, up 50.33%, from Rs.920.25 crore a year ago. However, on a quarter-on-quarter basis, net profit declined 3.4%. According to estimates by eight Bloomberg analysts, the bank was expected to report a profit of Rs.1,416.10 crore.
Net interest income rose 32.05% to Rs.2,909.54 crore, against Rs.2,203.28 crore in the same quarter last year. Other income surged 31.08% to Rs.1,726.66 crore.
Lower tax from the quarter ago also boosted profit. Tax expenses stood at Rs.478.86 crore, down 34.21%, from a quarte...
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