IndusInd back in black with Rs 1,176-cr profit

IndusInd Bank on Friday reported a standalone net profit of Rs 1,176 crore for the quarter ended September. It had posted a net loss of Rs 445 crore in the year-ago period. On a sequential basis, the bottom line rose 17.3%. The net interest income grew 3.6% on year to Rs 4,569 crore. The net interest margin (NIM) declined by 34 basis points on quarter to 3.23% due to FCNR(B) mobilisation of $3.51 billion. Viral Damania, chief financial officer, said the NIM would pick up from the next quarter. “… the expectation of further rate hikes going forward will obviously be positive for NIMs, for the banking system as well as for us,” he said in the post-earnings call. 63 lakh crore and deposits rose 10% to Rs 4.28 lakh crore as on September 30. Within the overall loan book, the retail portion was up 13% and the wholesale book grew by 10%. “As far as our rural book is concerned, we have not seen any stress. However, we continue to be extremely watchful and calibrated in these geographies…” the management said. Within deposits, CASA comprised 27.93% of total deposits as of September 30. Cost of deposits stood at 5.96%, against 5.93% a quarter ago. The asset quality improved, with the gross non-performing asset (NPA) ratio at 2.73%, against 3.25% a quarter ago. Net NPA ratio stood at 0.83% from 0.95% a quarter ago. Provisions and contingencies declined by 53.6% on year to Rs 1,216 crore. The provision coverage ratio stood at 70.19% while the credit cost for the reporting quarter was at 1.40%, against 1.74% a quarter ago. “The deadline for submitting comments is Sunday. We will have to wait and watch how this plays out.”

IndusInd back in black with Rs 1,176-cr profit

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