Published: Fri, January 12, 2018
Finance | By Loren Pratt

IndusInd Bank Q3 net profit at INR 936.25 crore

IndusInd Bank Q3 net profit at INR 936.25 crore

The bank's net profit rose 24.73% to Rs 936.25 crore on 16.06% increase in total income to Rs 5473.54 crore in Q3 December 2017 over Q3 December 2016.

Net interest income of the bank stood at ₹451.48 crore during Q3 of 2017-18 against ₹376.51 crore in the corresponding period of the previous fiscal.

The bank's net interest income increased by 20 per cent to Rs 1,894.81 crore from Rs 1,578.42 crore earned during the corresponding quarter of the previous year.

IndusInd Bank managing director and CEO Romesh Sobti pointed out that the balance sheet size of the bank has crossed Rs 2 lakh crore for the first time.

However, the company's bad loans portfolio increased with the net NPA (non-performing assets) level at 0.46 per cent, up from 0.39 per cent reported during the corresponding period of 2016-17 and 0.44 in the second quarter of 2017-18.

Net Interest Margin (NIM) remained subdued in Q3FY18 to 3.99%, compared to 4% each witnessed in Q3FY17 and Q2FY18 respectively. On a quarter-on-quarter basis, they fell 19.61% from Rs293.75 crore. "We have maintained a stable quality loan book". It had recorded a net profit of Rs 750.64 crore in the year-ago period. Fee income, too, grew 22 per cent to Rs 1,076.51 crore. Net NPAs were at 0.46% in the December quarter compared to 0.44% in the previous quarter and 0.39% in the same quarter past year.

As far as the merger with Bharat Financial Inclusion is concerned, Sobti said the bank has already received approval from the Competition Commission of India, and is awaiting other approvals.

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