IndusInd Bank's profit before tax declines 72% to Rs 602.45 crore

IndusInd Bank reported a 72 per cent fall in its pre-tax profit, to Rs 602.45 crore, in the first quarter, against Rs 2,160.34 crore in Q1FY20, due to additional provisioning for Covid. The lender’s net interest income rose 16.4 per cent year on year to Rs 3,309 crore. Its net profit plunged 68 per cent to Rs 460.4 crore, from Rs 1,432.3 crore a year ago. The bank has got approval to raise Rs 3,288 crore through preferential issue of fully paid-up 62.8 million equity shares at a price of Rs 524. This will augment the capital base of the