IndusInd Bank Ltd on Wednesday said its net profits for the fiscal second-quarter increase by 30.18% to Rs560.04 crore. The private sector lender’s profits during the same period last fiscal was at 430.02 crore.
Total income during the July-September quarter increased by 20.47% to Rs3581.31 crore from Rs2972.20 crore compared the same quarter a year earlier, it said in a filing to the stock exchanges.
“This quarter, the Bank has shown consistent performance in its bottom lines given the challenging times, both globally as well as in the domestic market,” Romesh Sobti, managing director and chief executive of IndusInd Bank said in a earnings statement. “However, the overall industry sentiment is looking positive.”
IndusInd Bank’s net non-performing assets in the fiscal second quarter have come down to 0.31 per cent of total advances from 0.33 per cent a year ago. Its net interest income grew 31% to Rs1094.28 crore, while its net interest margin was at 3.88% compared to 3.63% a year earlier, the company said.
During the quarter, IndusInd Bank said it had completed the acquisition of the diamond and jewelery financing business from Royal Bank of Scotland N.V., on a slump basis.
“The business take over was completed on July 24, 2015, and the initial consideration paid towards the acquisition has been allocated to various assets and liabilities including an advance portfolio of Rs4130.40 crore,” it said.
The income generated from the business since the acquisition has been included in the financial results, it added.