IndusInd Bank Q3 Updates: Advances Up 12% To Rs 3.67 Lakh Crore
The private sector bank's current-account, savings-account ratio in the December quarter stood at 34.9% in comparison to 35.9% in the previous quarter.
IndusInd Bank Ltd.'s net advances grew 12% year-on-year to Rs 3.67 lakh crore in the third quarter of the current financial year from Rs 3.27 lakh crore in the year-ago period, according to an exchange filing on Friday.
However, quarter-on-quarter, the growth was only 3%. In the December quarter, the lender's deposits rose 11% to Rs 4.1 lakh crore from Rs 3.68 lakh crore in the year-ago period, the private sector bank said in its provisional quarterly business updates.
IndusInd Bank's current-account, savings-account ratio in the October–December period stood at 34.9% in comparison to 35.9% in the previous quarter. It is a key indicator of a bank's financial health and is used to assess its profitability. A higher CASA ratio indicates a lower cost of funds.
In December, IndusInd Bank was looking at selling over 10 lakh microfinance bad loans worth Rs 1,573 crore through an auction process. According to a sale notice listed on the bank's website, it was to conduct the sale through an auction.
The bank had invited bids from potential buyers for sale on a 100% cash basis on an "as is where is", "as is what is", and "whatever there is" basis. Since microfinance loans are unsecured in nature, there are no details of available security against these loan accounts.
In December itself, the Reserve Bank of India had imposed a monetary penalty of Rs 27.3 lakh on the bank because of non-compliance with certain provisions. The RBI observed that the charge pertaining to the opening of certain savings deposit accounts in the name of ineligible entities was sustained by the bank.
Shares of IndusInd Bank closed 0.53% higher at Rs 998.10 apiece on the BSE before the annoucement, compared to a 0.9% decline in the benchmark Sensex.
