IndusInd Bank Q3 net rises 25% to Rs 936.25 cr

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Mumbai: Indusind Bank Ltd on Thursday reported a 24.73% jump in its December quarter net profit on the back of higher net interest income and other income.

The bank's total income rose by 16.06 per cent to Rs 5,473.54 crore in the third quarter compared with the same period previous year, but the net interest margins (NIMs) remained flat at 3.99 per cent. The company posted net profit at INR 936.25 crore for December quarter.

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Commenting on the performance, IndusInd Bank MD & CEO Romesh Sobti said: "The bank has continued to show a steadfast performance again in this quarter".

Net interest income (NII), or the core income a bank earns by giving loans, increased 20.04% to Rs1,894.81 crore versus Rs1,578.42 crore past year.

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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. The bank's capital adequacy remained strong for Q3FY18 at 15.83 per cent compared to 15.31 in the previous year's corresponding quarter. Gross and NPAs were at ₹1,784.31 crore and ₹1,262.96 crore, respectively in Q3 of 2017-18 against ₹1,560.23 crore and ₹1,065.66 crore in third quarter of 2016-17, respectively. Karnataka Bank shares were trading higher by 2.52 per cent at Rs 166.80 on the BSE.

Sobti added, "We have maintained a stable quality loan book". IndusInd bank's provisions and contingencies rose to Rs 236.16 crore in the third quarter compared with Rs 216.85 crore in the same period previous year. Fee income, too, grew 22 per cent to Rs 1,076.51 crore.

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