Mumbai based IndusInd Bank has reported strong earnings in the third quarter. The stock jumped 5 per cent post results on the Bombay Stock Exchange.
The net profit jumped 34 per cent to Rs 206 crore in the third quarter against Rs 153 crore year-on-year (YoY). Analysts had expected PAT at Rs 200 crore. The net interest income, which is the excess revenue that is generated from the spread between interest paid out on deposits and interest earned on assets is the net interest income, jumped 18.64 per cent to Rs 430.65 crore against Rs 363 crore YoY. Analysts had expected NII at Rs 440 crore.
Credit growth in the third quarter stood at 30 per cent. The core fee income grew by 46% YoY and 18 per cent quarter on quarter (QoQ).
The bank's asset quality also improved with net NPAs (non-performing assets) falling to 0.29 per cent against 0.38 per cent YoY. Gross NPAs stood at 1.02 per cent against 1.21 per cent YoY. Provisioning declined to Rs 42 crore against 47 crore YoY. The restructured assets stood at 0.22 per cent against 0.3 per cent (QoQ) of total advances.
Established in 1994, IndusInd Bank was the first among the new-generation private banks in India.
Q3 HIGHLIGHTS
Other income supports profits
Other income up 10.8% QoQ, up 35% YoY at Rs 265 crore
Operating expenses up 6% QoQ at Rs 346.53 crore
Provisioning down 8% QoQ, down 23% YoY
Gross NPAs flat QoQ at Rs 334 crore, up 9% YoY
Net NPAs flat QoQ, up 2.8% YoY
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