Indusind Bank, yesterday lost 4% post the Q3FY20 earnings and today too, its losing streak continues. It opened almost 1% lower at Rs.1469 and went down to an intraday low at Rs.410.40, a fall of 5%.
The market is not happy with the bank’s performance for the third quarter. The Bank reported a 33% (YoY) rise in consolidated net profit at Rs.1309 crore but sequentially, it was down 6%. NII was up 34% (YoY) at Rs.2288 crore, up 5.7% (QoQ) and margins rose from 4.05% to 4.15% (QoQ).
It is the asset quality which is worrisome and the 72% jump in provisioning really spooked everyone. YoY, the asset quality came down but sequentially, which is how we look at asset quality was almost status quo. Gross NPA was at 2.2% v/s 2.19% and Net NPA declined from 1.12% to 1.05%.
The Bank’s slippages rose to Rs 1,945 crore, up 76.49 % (QoQ). It made provisions for Rs 1,043.45 crore v/s Rs 606 crore, up 72% (QoQ).