IndusInd Bank profit up 25 per cent in December quarter

IndusInd Bank profit up 25 per cent in December quarter

Private sector lender IndusInd Bank reported a 25% increase in net profit to Rs. 936.15 crore for the quarter ended December 30 on the back of healthy credit growth. The bank had recorded a net profit of Rs 750.64 crore in the October-December quarter of last fiscal.

A Bloomberg poll of experts projected IndusInd Bank to be around Rs 943 crore in Q3FY18.

NII, which is the difference between interest earned and interest expended, rose 20 per cent on a year-on-year (y-o-y) basis to Rs 1,894.81 crore.

Gross non-performing assets (NPA) as a percentage of advances rose by 22 basis points in the third quarter to 1.16 per cent on a year-on-year (y-o-y) basis.

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

More news: Duke Energy (DUK) Downgraded by Goldman Sachs Group to "Neutral"

IndusInd Bank reported results for the third quarter. "All vectors for both topline and bottom line have progressed as per plan", said Romesh Sobti, Managing Director and CEO, IndusInd Bank. Net NPAs were at 0.46% in the December quarter compared to 0.44% in the previous quarter and 0.39% in the same quarter past year.

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.

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.

On the BSE, 1.02 lakh shares were traded on the counter so far as against the average daily volumes of 1.36 lakh shares in the past two weeks.

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