IndusInd Bank posts 5% growth for Dec quarter due to IL&FS provisioning

The bank had earlier stated that it had a total exposure of Rs 3,000 crore against the IL&FS group, of which Rs 2,000 crore is aganst the holding company.

IndusInd Bank has reported five per cent growth in net profit at Rs 985 crore for the December quarter from a year before, after making additional contingent provision of Rs 255 crore against exposure to the defaulting Infrastructure Leasing & Financial Services (IL&FS) group. The rise over the earlier quarter was seven per cent.

Net interest income (NII), the core income a bank earns by giving loans, was up 21 per cent to Rs 2,288 crore. Other income was Rs 1,469 crore, up 24 per cent from a year before.

While the bank has stated it has standard s exposure to the