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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.

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