IndusInd Bank Q3 net rises 25% to Rs 936.25 cr

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Mumbai: Lending major IndusInd Bank on Thursday reported a rise of nearly 25 per cent in net profit for the third quarter (Q3) of 2017-18.

Net interest income of the bank stood at ₹451.48 crore during Q3 of 2017-18 against ₹376.51 crore in the corresponding period of the previous fiscal. According to eight Bloomberg analysts' estimates, the bank was expected to post a profit of Rs945 crore.

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.

Commenting on the performance, IndusInd Bank MD & CEO Romesh Sobti said: "The bank has continued to show a steadfast performance again in this quarter".

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. "All vectors for both topline and bottom line have progressed as per plan". Other income was at Rs1,186.76 crore, up 16.72% from Rs1,016.80 crore a year ago.

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

Sobti added, "We have maintained a stable quality loan book".

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). The operating profit of the bank rose 22.1 per cent to Rs 1,664.69 crore.

Provisions and contingencies rose 8.9% to Rs236.16 crore in the quarter from Rs216.85 crore a year ago.

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