GOOD READS

IndusInd net beats forecast

Mumbai, Jan. 9: Private lender IndusInd Bank today reported a 30 per cent growth in third-quarter net profit at Rs 267.27 crore.

It had earned a net profit of Rs 205.96 crore in the year-ago period.

Analysts had expected the bank to report a net profit of around Rs 260 crore.

The profit came on the back of strong interest income on both corporate and consumer banking. Net interest income (NII) ' interest earned minus interest paid ' of the lender grew 34 per cent to Rs 577.80 crore from Rs 430.66 crore in the third quarter of last year.

According to the bank, the quarter witnessed its advances rising 31 per cent to Rs 42,426 crore. Consumer finance, which forms nearly 51 per cent of its loan book, rose to Rs 21,691 crore. Within consumer finance, commercial vehicle loans formed the biggest chunk accounting for 23 per cent, or Rs 9,757 crore, of the loan book.

With core fee income showing a robust growth of 32 per cent, other income shot up to Rs 355.80 crore, resulting in a total income of Rs 933.60 crore (Rs 695.77 crore).

IndusInd Bank, one of the few lenders to have raised its savings rate, saw its deposits rising 26 per cent to Rs 51,098 crore. The bank has also expanded its branch network ' one of the main reasons why its low-cost current and savings account (CASA) surged nearly 29 per cent to Rs 14,651 crore.

However, there was a marginal increase in its gross non-performing assets (NPAs). Gross NPAs during the quarter rose to Rs 422 crore from Rs 410 crore in the corresponding quarter of last year. While gross NPAs as a percentage of its loans declined to 0.99 per cent from 1.03 per cent last year, there was a jump in restructured advances to 0.26 per cent (0.19 per cent).

"IndusInd Bank has once again been consistent with its overall performance in the third quarter of the financial year. Profit growth has been aided by a growth in net interest margin at 3.46 per cent against 3.25 per cent in the second quarter, along with well-diversified fee income streams and active cost management," Ramesh Sobti, managing director and CEO of IndusInd Bank, said.

Quiz: How well do you know India's economy?

Question 1

Which of these products is India the world's largest producer of?

Poll Choice Options
  • Wheat
  • Rice
  • Milk
1
2
3
4
5
6
7
8
9
10

Latest News

  • Trend-setter Apple's stock split could bring out the copycats

    Apple has long been a trend-setter whose hot products attract imitators, and now its recent stock split might help revive a trend from the 1990s that has all but disappeared on Wall Street. On Wednesday, ... …

  • GM says facing multiple probes into recent recalls

    General Motors (GM.N) revealed on Thursday it is the subject of five different government probes related to its massive recalls, including two previously unreported investigations by the U.S. Securities and Exchange Commission and a state prosecutor. GM disclosed the probes in a regulatory filing after reporting earlier in the day that first-quarter profit tumbled 88 percent due to the recall. The five government investigations are from the U.S. Attorney's Office for the Southern District of …

  • Asian shares, dollar struggle on Ukraine anxiety
    Asian shares, dollar struggle on Ukraine anxiety

    Asian stocks struggled on Friday, as fears of an escalating Ukraine crisis eclipsed upbeat U.S. economic data and robust U.S. tech shares. U.S. Secretary of State John Kerry said on Thursday that time was running out for Moscow to change its course in Ukraine. MSCI's broadest index of Asia-Pacific shares outside Japan erased early modest gains and fell 0.3 percent. Japan's Nikkei stock average took an opposite track and added 0.5 percent in choppy trade, after opening solidly lower amid …

  • Obama wraps up Japan visit after security pledge but no trade deal
    Obama wraps up Japan visit after security pledge but no trade deal

    U.S. President Barack Obama neared the end of a state visit to Japan on Friday during which he assured America's close ally that Washington would come to its defence but failed to clinch a trade deal vital to his promised "pivot" to Asia. Failure to reach a trade deal has delayed a joint statement on security and economic ties that Obama and Prime Minister Shinzo Abe were expected to issue after their summit on Thursday. Obama and Abe had ordered their top aides to make a final push to reach …

  • 100-Square-Foot Cabin is a Kaleidoscopic Wonderland

    Photo via NYMag Plucked from New York magazine's annual Spring Design issue, which published this week, this technicolor dream of a microhome right outside Santa Fe, N.M. serves as a wee "reverse country house," for couple Linda and Jack Oldham—who... …

IN-DEPTH ANALYSIS & INTERVIEWS

  • Too good to be true?

    Developers are offering lucrative buyback schemes. But such promises may not be always kept. …

  • Leaderspeak with Vikram Limaye

    Vikram Limaye MD & CEO, IDFC Ltd shares many firsts from his life. …

  • The Greening of the House of Tatas

    How a dedicated team converted a 90-year-old heritage structure into a benchmark for environment-friendly buildings. …

  • Appy Voting

    Mobile and online apps, seeking to inform or influence voters, have been more active than ever before in this election. …

  • In the crosshairs

    Why the future of FDI in multi-brand retail looks bleak after the polls. …

  • Deserving the honour

    How do the winners of the two new banking licences - microfinance lender Bandhan Financial Services and infra institution IDFC Ltd - measure up to the challenges of operating as full-fledged banks? …

  • A Samurai from Chandigarh

    Advertising veteran Sandeep Goyal is disarmingly frank as he recounts his years with Dentsu. …

MARKET MOVERS

    •  
      Recent Quotes
      Symbol Price Change % ChgChart 
      Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
      You need to enable your browser cookies to view your most recent quotes.
    • Recent Quotes News

      •  
        Sign-in to view quotes in your portfolios.