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IndusInd Bank's Q3 net profit up nearly 25%

14 January 2018

Private sector lender IndusInd Bank reported a 25% increase in net profit to Rs. 936.15 crore for the quarter ended December 30 on the back of healthy credit growth.

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 profit for the quarter stood at Rs936.25 crore against Rs750.64 crore a year ago. The bank's capital adequacy remained strong for Q3FY18 at 15.83 per cent compared to 15.31 in the previous year's corresponding quarter.

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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. On a quarter-on-quarter basis, they fell 19.61% from Rs293.75 crore. We believe in "responsive innovation" as our central theme.

Provisions and contingencies rose 8.9% to Rs236.16 crore in the quarter from Rs216.85 crore a year ago.

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%. "Just like in the past, we will continue to launch a wide range of banking products and services which are not only unique but very germane to our consumers".

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Operating Profit for the quarter was Rs. 1,664.69 crores as against Rs. 1,363.34 crores in thecorresponding quarter of the previous year, showing a growth of 22 %.

Further, the lender reported that its net interest margin was "stable at 3.99 per cent" for the third quarter as against 4 per cent in the corresponding quarter of the previous year.

Shares of the company declined Rs 36.15, or 2.06%, to settle at Rs 1,698.60.

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IndusInd Bank's Q3 net profit up nearly 25%