IndusInd Bank profit up 25 per cent in December quarter

Romesh Sobti MD and CEO Indus Ind Bank

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.

Meanwhile, the bank's net interest income (NII) came in at Rs 1,894.81 crore, witnessing growth of 20.04% year-on-year (YoY) and 4.05% quarter-on-quarter (QoQ) basis.

Net NPAs of the bank rose to 0.46 per cent in the quarter from 0.39 per cent of the total assets.

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 net interest margin (NIM) was stable at 3.99% for quarter as against 4% in the corresponding quarter of the previous year.

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Non Interest income for the quarter was Rs. 1,186.76 crores as against Rs. 1,016.80 crores in the corresponding quarter of the previous year, a growth of 17 %.

In it's financial audit, IndusInd stated that they have transferred an amount of Rs 70 crore towards floating provisions for advances during the quarter ended June 30, 2017.

IndusInd Bank reported its quarterly results which were in-line with street estimates for Q3FY18.The bank's asset quality weakened while profitability improved on a quarterly basis.

He said vehicle finance, which is now entering into a boom phase, showed robust growth. We saw a 34% increase in our disbursements on overall vehicle finance. If you were to look at only commercial vehicles, the disbursements grew by 39 per cent.

Provisions and contingencies rose 8.9% to Rs236.16 crore in the quarter from Rs216.85 crore a year ago.

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