IndusInd Bank Q3FY18 results meet estimates

IndusInd Bank Q3FY18 results meet estimates

IndusInd Bank Q3FY18 results meet estimates

Net profit climbed to 9.36 billion rupees ($146.87 million) in the quarter ended December 31, from 7.51 billion rupees a year ago, the country's sixth-largest private sector lender by assets said.

Improvement in asset quality helped Karnataka Bank Ltd to record a growth of 27.52 per cent.

The bank has made provision of Rs 2.36 billion, which was higher by 9.26% from prior year period to Rs 2.16 billion.

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However, IndusInd Bank witnessed a small rise in the gross NPA ratio, which went up to 1.16 per cent from 0.94 per cent in the same quarter a year ago due to reverses in loans against property, commercial loans and corporate loans. "All vectors for both topline and bottom line have progressed as per plan", said Romesh Sobti, Managing Director and CEO, IndusInd Bank.

Net Interest Income (NII) was Rs 18.94 billion as against Rs 15.78 billion in the corresponding quarter of the previous year, registering a robust growth of 20%.

Non Interest income for the quarter was Rs. 1,186.76 crores as against Rs. 1,016.80 crores in the corresponding quarter of the previous year, a growth of 17 %.

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Its net interest margin (NIM) stood at 3.99 per cent for the current quarter as against 4 per cent in the corresponding quarter of the previous year.

Core fee income for the quarter was Rs. 1,076.51 crores as against Rs. 884.84 crores in the corresponding quarter of the previous year, marking a growth of 22%. This resulted in 25 per cent yoy to Rs. 936 crore in Q3FY18 compared to Rs. 750 crore in Q3FY17.

Shares of IndusInd Bank were trading 0.68 per cent lower at Rs 1,723 on BSE.

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As far as the merger with Bharat Financial Inclusion is concerned, Sobti said the bank has already received approval from the Competition Commission of India, and is awaiting other approvals.

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