IndusInd Bank Q1 up by 24% at Rs 10.36 billion, asset quality falls

CASA (Current Accounts-Savings Accounts) Ratio improved to 43.42 per cent against 37.78 per cent in June 30, 2017

 

Private sector IndusInd Bank on Tuesday posted a 23.8 per cent rise in its net profit at Rs 10.35 billion for the quarter ended June 2018 on higher income mainly from interest. This was against a net profit of Rs 8.36 billion in the corresponding period of previous year.

Total income during the quarter rose to Rs 63.69 billion, up by 20 per cent as against Rs 53 billion in the same quarter of last year.

Net interest income was Rs 21.2 billion in June quarter, up by 20 per cent from Rs 17.74 billion earned in the same period a year ago.

Net interest margin fell to 3.92 per cent in June, from 3.97 in previous March quarter. The bank has a NIM outlook of 3.9 – 4 per cent for the year.

Other income rose to Rs 13 billion for the quarter under review, from Rs 11.67 billion in the corresponding period a year ago.

IndusInd bank share price

However, there was a slight deterioration in bank’s asset quality with the gross non-performing assets(NPA), as a per cent of the gross advances, standing at 1.15 per cent as on June 2018, as against 1.09 per cent a year earlier. However, it was an improvement over the previous quarter’s gross NPA ratio of 1.17.

CASA (Current Accounts-Savings Accounts) Ratio improved to 43.42 per cent against 37.78 per cent in June 30, 2017.

Total Advances as on June 2018 grew 29 per cent to Rs. 1.506 trillion while total deposits grew by 19 per cent to Rs 1.588 trillion over year-ago quarter.

The bank has no plans to raise capital in the near future and placed a timeline of three months for merger with Bharat Financial.

Article Source : BS