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

• IndusInd Bank reported an 89% year-on-year decline in net profit to Rs 161 crore for the December quarter.
• Net Interest Income (NII) decreased by 13% year-on-year to Rs 4,562 crore, though it rose 3% sequentially.
• The bank returned to profitability on a quarterly basis, recovering from a Rs 445 crore loss in the September quarter due to reduced provisions.
• Asset quality showed slight improvement with Gross NPA stable at 3.56% and Net NPA at 1.04%.
• Arijit Basu, former SBI MD, will succeed Sunil Mehta as the new chairman of IndusInd Bank.

Why It Matters: IndusInd Bank's Q3 profit significantly dropped by 89% year-on-year, despite a sequential recovery and improved asset quality.