IndusInd Bank Q3 net profit at INR 936.25 crore

IndusInd Bank Q3 net profit at INR 936.25 crore

Mumbai: Lending major IndusInd Bank on Thursday reported a rise of nearly 25 per cent in net profit for the third quarter (Q3) of 2017-18.

The Hinduja-promoted bank reported a 25 per cent rise in the third-quarter net profit at Rs 936.25 crore helped by higher core income.

A Bloomberg poll of experts projected IndusInd Bank to be around Rs 943 crore in Q3FY18.

"The highlight of the quarter really was balance sheet crossed ₹2 lakh crore for the first time", said Romesh Sobti, MD & CEO IndusInd Bank, during the post-earnings media interaction.

NII, which is the difference between interest earned and interest expended, rose 20 per cent on a year-on-year (y-o-y) basis to Rs 1,894.81 crore.

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Asset quality of the lender worsened with gross non-performing assets (NPA) going up to 1.16% in Q3 compared with 1.08% in the previous quarter while net NPAs were at 0.46% compared with 0.44%.

As a percentage of total loans, gross NPAs stood at 1.16% as compared to 1.08% in the previous quarter and 0.94% in the year-ago quarter. Other income was at Rs1,186.76 crore, up 16.72% from Rs1,016.80 crore a year ago.

In it's financial audit, IndusInd stated that they have transferred an amount of Rs 70 crore towards floating provisions for advances during the quarter ended June 30, 2017.

However, provision and contingencies of the bank rose to Rs 196.40 crore in the December quarter compared to Rs 100.60 crore in the same period a year earlier. Net NPAs were at 0.46% in the December quarter compared to 0.44% in the previous quarter and 0.39% in the same quarter a year ago.

Shares of IndusInd Bank were trading 0.68 per cent lower at Rs 1,723 on BSE.

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