1. IndusInd Bank net up 29% at Rs 447 cr on stable income growth

IndusInd Bank net up 29% at Rs 447 cr on stable income growth

Private sector lender IndusInd Bank on Tuesday, reported a net profit of R447.19 crore for the quarter ended December...

By: | Mumbai | Published: January 14, 2015 12:18 AM

Private sector lender IndusInd Bank on Tuesday, reported a net profit of R447.19 crore for the quarter ended December, an increase of 29% y-o-y, on the back of a stable growth in both net interest income and non-interest income.

A healthy growth in advances of 22% y-o-y and an improvement in margins aided the rise in net interest income by 17.98 % y-o-y to R861.37 crore.

IndusInd Bank MD & CEO Romesh Sobti said credit has grown across sectors. “We were hoping to show higher growth in our credit this quarter of around 24%, but our vehicle finance book did not grow according to our expectation.”

Indusind Bank’s vehicle loans comprise 31% in the total advances. About 58% of the loan portfolio comes from corporates while the rest is from the retail segment.

Indusind-earningTotal advances rose 22 % y-o-y to R63,847 crore and deposits in the same period increased 23% to R69,376 crore. Bank’s Casa (current account and savings account) recorded a growth of 22% y-o-y.

Bank’s credit growth was healthy, and it also managed to keep bad loans in check. NPAs as a percentage of total advances stood at 1.05% on a gross basis and 0.32% on a net basis. In the quarter, the bank added R161-crore NPAs. The outstanding gross NPAs stood at Rs 673 crore as of December 31.

The net interest margin (NIM) rose 4 bps sequentially to 3.67% led by an ease in cost of funds.

The shares of IndusInd Bank closed at R822.5, down more than 1% over the previous closing on BSE.

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