Private sector lender IndusInd Bank reported a 25% rise in Q4FY15 profit to Rs 495 crore, on the back of an 18% increase in net...
Private sector lender IndusInd Bank on Thursday reported a 25% rise in Q4FY15 profit to Rs 495 crore, on the back of an 18% increase in net interest income. The bank had reported a profit of R396 crore in Q4FY14.
Net interest margin (NIM) for the quarter ended March 31 rose 1 bps to 3.68%, sequentially. It fell 7 bps compared with the NIM of 3.75% that the bank posted in Q4FY14.
“The results are in line with our estimates. Though the industrial momentum is slow paced, we can see steady credit uptick, which would accelerate growth in coming quarters,” said Romesh Sobti, MD & CEO, IndusInd Bank.
For FY15, the bank’s net profit rose 27% to R1,794 crore, while net interest income saw an 18% rise to R3,420 crore compared with FY14.
The asset quality of the bank improved with gross NPAs at R563 crore compared with R673 crore in Q3FY15. Gross NPA ratio stood at 0.81%, an improvement of 24 bps.
Restructuring was flat during the quarter while the bank made loan sales of R60 crore to asset reconstruction companies.
Total advances were up 25% at R68,788 crore as on March 31, 2015, and deposits saw a 23% rise to R74,134 crore at the end of the same period.
IndusInd Bank’s capital adequacy ratio under Basel-III at the end of Q4 stood at 12.09% against 12.39% in the December quarter of FY15.