IndusInd Bank has posted a steady July-September quarter. Its net profit rose 25.7 percent to Rs 704.26 crore in Q2 of FY17 from Rs 560 crore in corresponding quarter last fiscal.
During the quarter, its net interest income (NII) was at Rs 1460.3 crore, up 33.5 percent on annual basis. Its other income also increased 23.9 percent at Rs 970.4 crore against Rs 783.5 crore (YoY).
Net interest margin (NIM) in Q2 was 4 percent as against 3.88 percent YoY. In Q2, its net non-performing assets (NPA) was at 0.37 percent versus 0.38 percent while gross NPA was at 0.90 percent versus 0.91 percent (QoQ). In absolute terms, gross NPA was up 4.4 percent at Rs 899 crore versus Rs 860.6 crore (QoQ) while net NPA rose 3.8 percent at Rs 369.2 crore versus Rs 355.5 Crore (QoQ).
Provisions, during the quarter, was at Rs 213.9 crore compared to Rs 158.1 crore on annual basis and Rs 230.5 crore on sequential basis. Return on asset in Q2 was at 1.93 percent against 1.94 percent (QoQ).
Capital adequacy ratio-basel III in Q2 was at 15.32 percent compared to 15.42 percent (QoQ). Deposits were up 38.9 percent YoY at Rs 1.12 lakh crore as on September 30, 2016. In Q2 advances was up 26.4 percent (YoY) at Rs 98,949.1 crore as on September 30, 2016. Core fee income for the quarter was Rs 825.57 crore as against Rs 673.30 crore in the corresponding quarter of the previous year, marking a growth of 23 percent. Romesh Sobti, MD & CEO, IndusInd Bank said, “This quarter, the bank has registered positive growth across all vectors despite tepid global markets and not so buoyant domestic market. However, the overall industry sentiment looks optimistic with a gradual uptick in credit pickup likely in the coming quarters. Apart from steady financials, the bank continued its focus on digitizing products and strengthening online banking as well as improving services to customers.”
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