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IndusInd Bank third-quarter net rises 33% to Rs 14.37 crore 

Manju AB  
Mumbai, Jan 16: New generation IndusInd Bank has reported a 33 per cent rise in net profit to Rs 14.37 crore during the third quarter ended December 31, 1999, from Rs 10.73 crore in the corresponding period last year. For the nine-month period-April-December-the bank has registered a 69.67 per cent rise in net profit to Rs 51.09 crore from Rs 30.11 crore.

The operating profit of the bank rose to Rs 54.90 crore from Rs 30.45 crore during the third quarter. For the nine-month period, IndusInd Bank's operating profit rose to Rs 132.97 crore from Rs 81.83 crore.

Total income for the nine-month period ended December 31, 1999, grew by 12.5 per cent to Rs 553 crore from Rs 491.50 crore recorded in the corresponding period last year. Of this the interest income rose to Rs 473.91 crore compared with Rs 415.14 corre in the corresponding period last year.

For the quarter ended December 31 the total income grew to Rs 189.46 crore from Rs 159.42 crore. The total expenditure during the quarter rose by 5.8 per centto Rs 120.14 crore from Rs 113.48 crore. For the nine-month period the expenses of the bank rose to Rs 420.03 crore from Rs 409.67 crore incurred during the corresponding period last year.

The deposits went up to Rs 4201.68 crore against Rs 3809.10 crore in the corresponding period last year. The demand deposit component went up by 35 per cent while the saving bank deposits showed a marked increase of 60.3 per cent with absolute figure touching Rs 116.88 crore as on December 31, 1999 compared with Rs72.91 crore in the corresponding period last year. The advances for the quarter rose to Rs 2453.08 crore from Rs 2312.49 crore.

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