IndusInd Bank net rises 25%, vehicle finance to see 'boom'

Romesh Sobti MD and CEO Indus Ind Bank

Romesh Sobti MD and CEO Indus Ind Bank

The private sector lender's net profit in the corresponding quarter of 2016-17 stood at Rs 68.52 crore. "All vectors for both topline and bottom line have progressed as per plan", said Romesh Sobti, Managing Director and CEO, IndusInd Bank.

As a percentage of total loans, gross NPAs stood at 1.16% as compared to 1.08% in the previous quarter and 0.94% in the year-ago quarter.

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. Other income was at Rs1,186.76 crore, up 16.72% from Rs1,016.80 crore a year ago. 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.

The large-cap bank has equity capital of Rs 599.75 crore.

Core fee income for the quarter was Rs. 1,076.51 crores as against Rs. 884.84 crores in the corresponding quarter of the previous year, marking a growth of 22%.

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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.

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.

On BFIL, IndusInd mentioned that the scheme is subject to the approval of the Reserve Bank of India (RBI), the Competition Commission of India (CCI), the Sebi, the respective shareholders of the bank and BFIL and lastly the National Company Law Tribunal (NCLT).

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.

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