The net profit of IndusInd Bank for the quarter ended December 31, 2008, increased by 80% at Rs 45.06 crore when compared to the profit earned during the corresponding period in the last financial year. Gross profit rose by 60% at Rs 104 crore and the total income of the bank was up by around 34% at Rs 760.55 crore on quarter-on-quarter basis. The net interest income too went up by 30% at Rs 116.58 crore on quarter-on-quarter basis. Net interest margin of the bank for the quarter was 1.95% as against 1.74% in the corresponding quarter of the previous year. As on December 31, 2008, the bank?s CASA ratio was 18.39%, total advances were at Rs 14,383 crore and deposits stood at Rs 20,634 crore. Though the net NPA of the bank came down by 112 basis point at 1.30% as on December 31, 2008, on quarter-on-quarter basis, the provisioning amount set aside by the bank towards contingencies increased by 5.5% to Rs 29.89 crore. The provisioning during the corresponding period in the year 2007 was Rs 28.33 crore.
Romesh Sobti, managing director and CEO, InduInd Bank said, ?As our capital adequacy ratio as on December 31, 2008, was 12.40%, we do not intend to raise capital in the last quarter of this fiscal. However, we might raise money in the next financial year, depending upon on the market conditions.?
?We could lower our NPA ratio by 70 basis points through a negotiated settlement with a single party and by 20 basis points by selling the bad debts to an asset reconstruction company,? Sobti said.