IndusInd Bank Reports June Qtr Net Profit Higher By 24%

IndusInd Bank today reported stable June quarterly results with net profit rising by 24% at Rs. 1035.7 crore. In the previous year, the net profit at the bank stood at Rs. 836.5 crore.

The capital adequacy ratio at the bank is reported to be at 14.7% as against 15%.

Net interest income (NII), difference between the interest income a bank earns from llending and the interest it pays on its liabilities i.e. deposits increased to Rs 2,122.4 crore as against Rs 1,774 crore a year ago.

Provisions during the quarter increase to Rs 350 crore as against Rs 310 crore a year ago.

Gross non-performing assets (NPAs) as a percentage of total loan rose marginally to 1.15 percent as compared to 1.09 percent a year ago.

Net NPA also increased in line and were at 0.51% higher than 0.44% reported in the similar period last year.

NIM at the bank declined from 3.97 percent in the previous quarter to 3.92%. After the results were announced, CEO and MD of the Bank, Sobti said that asset quality showed handsome improvement and the bank added one million customers during the quarter.

The mid-sized bank is run by the Hinduja Group and led by Romesh Sobti.

After the earnings, the stock of IndusInd Bank traded at a discount of 1% at Rs. 1934.95 on the BSE.

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