IndusInd Bank Q3 net profit at INR 936.25 crore

Higher core income boosts Indus Ind Bank Q3 profit 25% to Rs 936 crore

Higher core income boosts Indus Ind Bank Q3 profit 25% to Rs 936 crore

IndusInd Bank on Thursday reported a 24.73 per cent rise in its third quarter net profit at Rs 936.25 crore, aided by robust growth in its net interest income (NII).

Net profit for the quarter stood at Rs936.25 crore against Rs750.64 crore a year ago.

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

Its net interest income (NII) grew by 20% to ₹1,895 crore on the back 25% year-on-year credit growth, while non-interest income growth was 17% to ₹1,187 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.

Its net interest margin (NIM) stood at 3.99 per cent for the current quarter as against 4 per cent in the corresponding quarter of the previous year. Gross and NPAs were at ₹1,784.31 crore and ₹1,262.96 crore, respectively in Q3 of 2017-18 against ₹1,560.23 crore and ₹1,065.66 crore in third quarter of 2016-17, respectively.

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

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 past year.

Sobti added, "We have maintained a stable quality loan book". It had recorded a net profit of Rs 750.64 crore in the year-ago period.

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.