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IndusInd Bank reports ₹2,298 crore Q3 net profit, a 17.3% surge from last year
IndusInd Bank on Thursday reported a net profit of ₹2,298 crore for the third quarter ending December 31
IndusInd Bank on Thursday reported a net profit of ₹2,298 crore for the third quarter ending December 31, a surge by 17.3 per cent from the previous year.
The lender beat the Q3 profit expectations, helped by strong loan growth, Reuters reported.
According to the report, the bank's loan disbursements grew 20 per cent year-on-year, while the deposits surged by 13 per cent.
The company's net interest margin or the difference between the interest obtained on loans and interest paid on deposits expressed as percentage, edged up to 4.29% from 4.27% a year ago, and was unchanged from the previous quarter.
The total income of the lender rose to ₹13,968 crore during the quarter under review as against ₹11,534 crore in the year-ago period, PTI reported.
The gross Non-Performing Assets (NPAs) declined to 1.92 per cent of the total advances during the third quarter of the current fiscal as against 2.06 per cent in the same period a year ago.
Net NPAs of the bank also moderated to 0.57 per cent in the latest December quarter from 0.62 per cent of the total assets.
On Thursday, the shares of IndusInd Bank closed 1.82 per cent lower at ₹1,613.15 on the Bombay Stock Exchange. The lender's shares had hit a 52-week high of ₹1,694 on January 15.
The shares had opened at ₹1,636 amid the Sensex plunging by 400 points a day after the biggest crash in the last 19 months.
