IN­DUSIND BANK PROFIT JUMPS 25%

Financial Chronicle - - FRONT PAGE -

In­dusInd Bank has re­ported a stable set of num­bers. Its net profit for the sec­ond quar­ter rose 25 per cent to Rs 880.10 crore from Rs 704.26 crore a year ago due to higher net in­ter­est in­come and other in­come. Net in­ter­est in­come for the July-Septem­ber quar­ter in­creased 24.7 per cent to Rs 1,820.99 crore from Rs 1,460.31 crore last year.

PRI­VATE lender In­dusInd Bank on Thurs­day re­ported a stable set of num­bers. Its net profit for the sec­ond quar­ter rose 25 per cent to Rs 880.10 crore from Rs 704.26 crore a year ago due to higher net in­ter­est in­come and other in­come.

Net in­ter­est in­come for the July-Septem­ber 2017 quar­ter in­creased 24.7 per cent to Rs 1,820.99 crore from Rs 1,460.31 crore last year. Other in­come was at Rs 1,187.57 crore, up 22 per cent from Rs 970.42 crore.

Pro­vi­sions and con­tin­gen­cies surged 37.34 per cent to Rs 293.75 crore against Rs 213.88 crore in the same quar­ter last year. Gross non-per­form­ing as­sets (NPAs) rose 49.64 per cent to Rs 1,345.28 crore from Rs 899.01 crore a year ago. As a per­cent­age of to­tal loans, gross NPAs stood at 1.08 per cent as com­pared to 0.9 per cent in the year­ago quar­ter. Net NPA was at 0.44 per cent against 0.37 per cent a year ago.

The Hin­duja Group­pro­moted bank said its main­stay com­mer­cial ve­hi­cle loan book grew 25 per cent, help­ing the over­all loan growth to 18 per cent, help­ing the bank re­port strong num­bers. Bot­tom line was also helped by a stable as­set qual­ity and lower op­er­a­tional cost cou­pled with lower cost to in­come ra­tio on the back of a sav­ings de­posit growth of 95 per cent.

Romesh Sobti, man­ag­ing di­rec­tor of the bank, said to­tal in­come rose to Rs 5,395.92 crore from Rs 4,439.72 crore. In­dusInd Bank shares closed up 1.47 per cent at Rs 1742.60 on the BSE.

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