IndusInd Bank, the private sector lender, today reported a 25% growth in net profit at Rs 9.36 billion for the second quarter ended December 31, 2017 from Rs 7.50 billion in the same period past year.
The bank's total income rose by 16.06 per cent to Rs 5,473.54 crore in the third quarter compared with the same period a year ago, but the net interest margins (NIMs) remained flat at 3.99 per cent.
"The highlight of the quarter really was balance sheet crossed Rs. 2 lakh crore for the first time", said Romesh Sobti, MD & CEO IndusInd Bank, during the post-earnings media interaction.
Non Interest income for the quarter was Rs 11.86 billion as against Rs 10.16 billion in the corresponding quarter of the previous year, a growth of 17%.
Managing director and chief executive Ramesh Sobti said the bank saw a surge in demand for term loans, which is indicative of a turnaround in the corporate sector. Other income was at Rs1,186.76 crore, up 16.72% from Rs1,016.80 crore a year ago. On a quarter-on-quarter basis, they fell 19.61% from Rs293.75 crore. We have maintained a stable quality loan book.
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Core fee income for the quarter was Rs. 1,076.51 crores as against Rs. 884.84 crores in the corresponding quarter of the previous year, marking a growth of 22%.
Net NPAs were 2.85 per cent of net loans against 2.99 per cent last fiscal. The operating profit of the bank rose 22.1 per cent to Rs 1,664.69 crore.
On BFIL, IndusInd mentioned that the scheme is subject to the approval of the Reserve Bank of India (RBI), the Competition Commission of India (CCI), the Sebi, the respective shareholders of the bank and BFIL and lastly the National Company Law Tribunal (NCLT).
Shares of the company declined Rs 36.15, or 2.06%, to settle at Rs 1,698.60.