IndusInd Bank Q3 Net Profit Plunges 89% to Rs 161 Crore, NII Down 13%

• IndusInd Bank reported an 89% year-on-year drop in standalone net profit to Rs 161 crore for the December quarter.
• Net Interest Income (NII) fell 13% year-on-year to Rs 4,562 crore, though it climbed 3% quarter-on-quarter.
• Asset quality marginally improved with Gross NPA at 3.56% and Net NPA at 1.04% compared to the previous quarter.
• The bank's provisions and contingencies decreased by 20% quarter-on-quarter to Rs 2,089 crore.
• Chairman Sunil Mehta will step down, with Arijit Basu named as his successor; the bank has seen recent leadership changes.

Why It Matters: IndusInd Bank's Q3 net profit significantly declined year-on-year despite sequential recovery and improved asset quality.