IndusInd Bank's September Quarter Profit Rises 25%

Marco Green
October 12, 2017

The lender had reported a net profit of Rs 704.26 crore in the corresponding quarter a year ago.

A robust loan demand driven by those for commercial vehicles, and a dip on cost of funds due to a near doubling of its Casa deposits boosted private sector lender IndusInd Banks net by 25 per cent to Rs 880.10 crore for the three months to September.

Net interest income for the quarter was Rs 1821 crore, up 24.7% from Rs 1460 crore reported for the second quarter of the previous financial year.

The net interest income, difference between interest earned and interest appended, came in at Rs 1,821 crore, a jump of 24.7 percent from Rs 1,460.3 crore year on year.

Gross non-performing assets (GNPA) in value terms increased to Rs 1,345.28 crore during this period compared to Rs 889.01 crore in Q2FY17 and Rs 1271.68 crore in Q1FY18. Non Interest income for the quarter was Rs 11.87 billion as against Rs 9.70 billion in the corresponding quarter of the previous year, a growth of 22%.

Gross bad loans as a percentage of total loans stood at 1.08 per cent in the September quarter, compared with 1.09 per cent in the June quarter and 0.90 per cent a year earlier. It was 0.37% as on 30 September 2016.

IndusInd in regards to its deal with Bharat Financial said, "The proposed transaction is still under evaluation and does not have any impact on the current financial results or the financial position of the bank as at September 30, 2017". It eventually ended the session at Rs 1742.60, gaining about 1.5%. It touched an intraday high of Rs 1,741.80 and an intraday low of Rs 1,700.00. The total number of shares traded during the day was 108106 in over 4837 trades. Although the stock was an underperformer in the last one month and even the last one quarter, its performance over the past one year is something to cheer about as it gained more than 40%, compared to the BSE benchmark's 13.4% rise.

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