IndusInd Bank on Tuesday said its net profit for the third quarter rose 29.19% due to higher net interest income and other income.
Net profit for the quarter stood at Rs750.64 crore as compared to Rs581.02 crore a year ago. Nine analysts polled by Bloomberg had made a forecast a net profit of Rs725.20 crore.
Net interest income (NII) or the core income a bank earns by giving loans increased 34.51% to Rs1,578.42 crore from Rs1,173.42 crore last year. Other income increased to Rs1016.80 crore from Rs839 crore in the same period last year, a rise of 21.19%.
Gross NPAs rose 8.08% to Rs971.62 crore at the end of the December quarter from Rs899.01 crore in the June quarter. On year-on-year basis it jumped 42.65% from Rs681.13 crore.Provisions and contingencies jumped 1.39% to Rs216.85 crore in the quarter from Rs213.88 crore a quarter ago. On a year-on-year basis it jumped 22.46% from Rs177.08 crore.
As a percentage of total loans, gross NPAs stood at 0.94% at the end of the December quarter as compared to 0.9% in the previous quarter and 0.82% in the year ago quarter.Net NPAs were at 0.39% in the December quarter compared to 0.37% in the previous quarter and 0.33% in the same quarter last year.
IndusInd Bank, however, witnessed a strong growth in deposits during the third quarter with Current and Savings accounts (Casa) rising to 37% from 34% earlier. Contrary to expectations, its loan book saw a 25% growth on a year-on-year basis led by strong growth in retail non-vehicle business. The bank’s margins remained stable at 4%.
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