Private lender IndusInd Bank has posted a 190.2% year-on-year rise in its standalone net profit for the quarter ended March 2021 to Rs 875.95 crore on back of low provisions. Profit in the year-ago quarter stood at Rs 301.84 crore.

Net interest income (NII) grew 9.4% to Rs 3,534.61 crore for the quarter under review compared to Rs 3,231.19 crore a year earlier.

IndusInd Bank said it made provisions of Rs 2,208 crore till 31 March. The bank reported a 23.5% YoY fall in provisions and contingencies during the quarter to Rs 1,865 crore.

Asset quality further weakened on a sequential basis. Gross non-performing assets (NPAs) as a percentage of gross advances rose 93 bps quarter-on-quarter to 2.67%. Net NPA increased 47 bps QoQ to 0.69%.

Tax expenses stood at Rs 319.89 crore, up 240.3% from Rs 94.01 crore in March quarter of FY20.

Non-interest income during the quarter grew only by half a percent YoY to Rs 1,780.12 crore. The pre-provision operating profit rose 7.9% to Rs 3,061.53 crore during the same period.

IndusInd Bank board has approved a final dividend of Rs 5 per share.