IndusInd Bank H1 Net Up 78% To Rs 43 Cr

Mumbai, October 30: | Updated: Oct 31 2002, 05:30am hrs
IndusInd Bank (IndusInd) on Wednesday announced a 78.36 per cent increase in net profit for the first half of the fiscal 2002-03 to Rs 42.86 crore as compared to Rs 24.03 crore for the same period in the previous fiscal. The net profit for the quarter ended September 30, 2002 was also up 100.47 per cent to Rs 25.38 crore (Rs 12.66 crore). The bank also registered a 67.72 per cent jump in operating profit at Rs 55.08 crore for the quarter (Rs 32.84 crore).

The robust growth in profits can be basically attributed to treasury operations and our cost of funds which have come down to eight per cent, said IndusInds managing director, Bhaskar Ghose.

The banks total income for the quarter was up 17.24 per cent to Rs 220.65 crore (Rs 188.20 crore) whereas total expenditure was Rs 165.57 crore (Rs 155.36 crore).

Deposits for the quarter stood at Rs 6,162 crore (Rs 5,070 crore) whereas advances stood at Rs 3,649 crore (Rs 3,257 crore). The banks investments at the same time rose to Rs 2,590 crore as against Rs 2,257 crore, registering an increase of 14.75 per cent. Its capital adequacy ratio stands at 15.75 per cent.

We plan to expand our business through selective acquisitions and intend to increase the total number of outlets to 150 from the current 92 by the end of the current financial year. In the same effort we have received licences for 13 new branches and will be setting them up by December, said Mr Ghose. The bank will continue to focus on retail banking, and intends to increase its share in the retail market through widening of the direct sales network, tie-ups for distribution of life and non-life insurance products as well as mutual funds, focus on NRI business, specially-designed products for high net worth individuals, and the launch of debit cards.