Mumbai, June 24 (UNI) Private sector lender Indusind Bank has registered a drop of 32.47 per cent in the net profit for the fourth quarter ended March 31, 2008 at Rs 14.45 crore, against Rs 21.4 crore in the corresponding quarter a year ago.
Announcing the results here today, the bank's Managing Director and CEO Romesh Sobti attributed the drop in net profit to higher provision for non performing assets (NPAs) and depreciation against investment portfolio.
He said the net profit growth for Q4 moderated on account of higher depreciation against AFS investment. However, the total income rose by 20.28 per cent to Rs 591 crore, during the same period. Mr Sobti said the net interest income (NIM) rose by 12.9 per cent to Rs 96.90 crore. ''Despite the difficult interest rate scenario, the bank has shown improved results, as the NIM has shown a significant improvement of over 200 basis points in yield on advances,'' he said.
The operating profit for the quarter grew by 11.24 per cent to Rs 51.23 crore, from Rs 46.09 crore a year ago.
For the financial year 2007-08, the net profit grew by 10 per cent to Rs 75.05 crore from Rs 68.22 crore in the previous fiscal. The total income for the year moved up to Rs 2,178.24 crore from Rs 1,744.39 crore a year ago.
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