NEW DELHI: IndusInd Bank on Tuesday missed Street estimates when it posted a 16.18 per cent year-on-year (YoY) fall in profit at Rs 301.84 crore for the quarter ended March 31 against Rs 360.10 crore net in the same period last year.Analysts in an ET NOW poll had projected the number at Rs 400 crore.On a consolidated basis, net profit of IndusInd Bank declined 12.31 per cent YoY to Rs 315.25 crore.Asset quality of the lender deteriorated on quarter-on-quarter (QoQ) basis. Percentage of gross non-performing assets ( NPA ) stood at 2.45 per cent in the March quarter against 2.18 per cent as of December 31, 2019. The figure stood at 2.10 per cent in the same period last year. Provisions and contingencies increased 56.36 per cent YoY and 134 per cent QoQ to Rs 2,440.32 crore.Standalone net interest income (NII) increased 44.62 per cent on a yearly basis to Rs 3211.19 crore during the quarter under review.IndusInd Bank recognised a few weak non-performing accounts (NPA) in Jan-March period. It made a floating provision of Rs 260 crore during the quarter.“Rural economy seen recovering first after lockdown lifts,” the private sector lender said.