Private sector lender IndusInd Bank Ltd on Monday (March 24) said it has been imposed a ₹30.15 crore penalty by the Joint Commissioner of CGST & Central Excise, Thane Commissionerate for various GST-related issues under Section 122(1)(ii) of the CGST Act, 2017.
"...we hereby inform that a penalty of ₹30,15,18,000/- has been imposed on the Bank by Joint Commissioner of CGST & Central Excise, Thane Commissionerate for various GST issues. The Bank will explore filing of appeal against the order," IndusInd Bank said in a regulatory filing.
The bank stated that it will explore filing an appeal against the order. While the exact nature of the GST issues was not disclosed, IndusInd Bank assured that it is evaluating legal options to challenge the penalty.
For the third quarter, IndusInd Bank's net profit declined 39% year-on-year to ₹1,402.3 crore from ₹2,301 crore in the same quarter last year. However, the figure surpassed CNBC-TV18’s poll estimate of ₹1,271 crore.
Net interest income (NII), a key measure of a bank’s profitability, fell 1.3% to ₹5,228.1 crore from ₹5,295.6 crore a year ago. The number also came in below expectations, with analysts forecasting NII at ₹5,343 crore.
On the asset quality front, the bank saw a rise in bad loans. Gross non-performing assets (GNPA) increased to ₹8,375.3 crore from ₹7,638.5 crore in the previous quarter.
As a percentage of total advances, the GNPA ratio stood at 2.25%, deteriorating from 2.11% in Q2 FY25. Net NPAs rose to ₹2,495.8 crore from ₹2,282 crore sequentially, with the NNPA ratio moving up to 0.68% from 0.64%.
