IndusInd Bank's Q3 net profit up nearly 25%

IndusInd Bank's Q3 net profit up nearly 25%

The bank had recorded a net profit of Rs 750.64 crore in the October-December quarter of last fiscal. According to eight Bloomberg analysts' estimates, the bank was expected to post a profit of Rs945 crore.

"The highlight of the quarter really was balance sheet crossed ₹2 lakh crore for the first time", said Romesh Sobti, MD & CEO IndusInd Bank, during the post-earnings media interaction. 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.

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 previous year. Other income of the bank stood at ₹194.62 crore (₹133.59 crore) during the period.

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.

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Gross NPA (non-performing asset) of the bank stood at 3.97 per cent (4.30 per cent) and net NPA at 2.85 per cent (2.99 per cent) during the period.

However, provision and contingencies of the bank rose to Rs 196.40 crore in the December quarter compared to Rs 100.60 crore in the same period a year earlier.

IndusInd Bank fell 1.37% to Rs 1,711.05 at 14:21 IST on BSE after the bank reported its Q3 December 2017 result during market hours today, 11 January 2018.

The bank maintained its net interest margin at 4 per cent level even as the share of high-margin retail loans grew to 24 per cent during the reporting quarter.

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