IndusInd Bank Q3 net profit rises 25% to Rs 9.36 bn; stock falls 2%

IndusInd Bank
Private sector lender IndusInd Bank on Thursday posted a 24.72 per cent increase in net profit to Rs 9.36 billion for the quarter ended on December 31, 2017.

The bank had recorded a net profit of Rs 7.5 billion in the October-December quarter of last fiscal.

Total income of the lender also increased to Rs 54.73 billion during the quarter under review, up 16.05 per cent as against Rs 47.16 billion over the corresponding period of the previous fiscal, IndusInd Bank said in a BSE filing.

The gross non-performing assets (NPAs) of IndusInd Bank increased to 1.16 per cent of the total advances during the third quarter of the current fiscal, against 0.94 per cent at the end of third quarter of 2016-17.

Net NPAs of the bank rose to 0.46 per cent in the quarter from 0.39 per cent of the total assets.

Commenting on the performance, IndusInd Bank MD & CEO Romesh Sobti said: "The bank has continued to show a steadfast performance again in this quarter. All vectors for both topline and bottom line have progressed as per plan. We have maintained a stable quality loan book".

Its net interest margin (NIM) stood at 3.99 per cent for the current quarter as against 4 per cent in the corresponding quarter of the previous year.

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

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