IndusInd Bank Q1 Net Profit Rises 84.6% To Rs 45.5 Crore

Mumbai, July 28 | Updated: Jul 29 2004, 05:47am hrs
IndusInd bank has recorded a 84.6 per cent rise in its net profit at Rs 45.5 crore in the first quarter ended June 30, 2004 as against Rs 24.7 crore in the corresponding quarter of the preceding fiscal.

The total income for the reporting quarter rose by 51.1 per cent to Rs 337.3 crore as against Rs 223.2 crore in the April-June 2003. However, the current results include the financial performance of the erstwhile Ashok Leyland Finance Ltd (ALF).

Hence, the quarterly figures may not be comparable with those of the corresponding quarter of the previous year, the private sector bank said in a release on Wednesday.

The net interest income at Rs 92.5 crore registered a growth of 233.9 per cent over the same period in 2003-04.

However, fee-based income was down to Rs 57.6 crore in the first quarter of 2004-05, as against Rs 60.9 crore in first quarter of last fiscal, it said.

Advances as on June 30, 2004 stood at Rs 6,243.07 crore while the total deposit base stood at Rs 11,272.04 crore at the end of the first quarter of current fiscal.

The capital adequacy ratio as on June 30, 2004 stood at 12.8 per cent as against 12.7 per cent as on March 31, 2004.

Commencing this quarter, we intend to start converting the erstwhile ALF branches into full-fledged bank branches in phases, subject to RBI approval. On the HR front too, the process of integration is under way. We are happy to see the merger working out the way we had planned. said IndusInd Bank managing director & chief executive officer Bhaskar Ghose.

In the coming months, we intend to expand our product offerings to the customers of the erstwhile ALF, thereby leveraging the relationships. A few such products would be home loans, financing to small traders and merchants, and personal loan products, banks joint managing director S Nagarajan said.