IndusInd Bank posts muted 4.5% Q2 profit growth due to ILFS provisioning

Lender takes a one-time contingent provision hit of Rs 2.75 billion against exposure to IL&FS group; without this provision, its profit would have grown 25%

Private lender IndusInd Bank posted a muted 4.5 per cent year-on-year growth in net profit for the September quarter, hit by a one-time contingent provision of Rs 2.75 billion against exposure to the Infrastructure Leasing & Financial Services (IL&FS) group.

Net profit for the quarter stood at Rs 9.2 billion against Rs 8.8 billion a year ago. Excluding the provision against IL&FS, the bank saw a 25 per cent growth year-on-year.

Net interest income (NII) rose 21 per cent to Rs 22 billion in September 2018 from Rs 18.2 billion in the year-ago quarter. Other income was up 11 per cent to