Wednesday, 20 June, 2018

IndusInd Bank Q3 net rises 25% to Rs 936.25 cr

IndusInd Bank's Q3 net profit up almost 25 IndusInd Bank's Q3 net profit up almost 25
Laurie Berry | 13 January, 2018, 04:24

Mumbai: IndusInd Bank on Thursday posted a mixed set of numbers when the private sector lender reported December quarter net profit in line with expectations but witnessed a marginal rise in bad loans.

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. According to eight Bloomberg analysts' estimates, the bank was expected to post a profit of Rs945 crore.

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.

Gross non-performing assets (NPAs) advanced 54.25% to Rs1,498.70 crore at the end of the December quarter from Rs971.62 crore in the same quarter previous year.

Net Interest Margin (NIM) remained subdued in Q3FY18 to 3.99%, compared to 4% each witnessed in Q3FY17 and Q2FY18 respectively.

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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".

The non-interest income for the quarter grew by 17 per cent to Rs 1,186.76 crore as compared to Rs 1,016.80 crore during Q3 of 2016-17.

Managing director and chief executive Ramesh Sobti said the bank saw a surge in demand for term loans, which is indicative of a turnaround in the corporate sector.

With this, for the nine months period of FY18, IndusInd bank's NII registered robust growth of 25% to Rs 5,489.86 crore, compared to Rs 4,395.15 crore a year ago same period.

Shares of IndusInd Bank were trading 0.68 per cent lower at Rs 1,723 on BSE.

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