IndusInd Bank posts strong second quarter results

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Mumbai, Oct 16 (UNI) Private lender IndusInd Bank today reported a 51 per cent year on year growth in its net profit for quarter two at Rs 33.66 crore, up from Rs 22.34 crore in the quarter ending September 30, 2007.

The net profit was up 76 per cent sequentially when compared to the first quarter of fiscal 2009. Announcing the results at a press conference here bank Managing Director and Chief Executive Officer Romesh Sobti said the bank hoped to post the same level of growth over the next two quarters also, showing improvement in all performance parameters. ''We believe there is potential to do more and even in difficult market conditions, we are quite optimistic of being able to perform consistently in the future as well'' he added.

The bank, which strengthened the capital structure in June through a GDR issue mopping up Rs 222 crore, had a strong Capital Adequacy Ratio (CAR) of 12.45 on September 30, 2008 as against 11.77 per cent at the end of September 30 last year. Mr Sobti said that the bank was fully capitalised and there may need be any necessity to raise further capital this fiscal.

The operations had been rejigged and components of the balance sheet had been revamped to ensure greater profitability, efficiency and productivity of the assets, he added.

The bank had deposits to the tune of 19,488 crore and advances Rs 17,640 crore. Corporate and commercial loans worked out to Rs 8,400 crore of which commercial vehicle loans was 50 per cent, he added.

The net interest income went up during the quarter by 37 per cent to touch Rs 105.24 crore as against Rs 76.62 crore earned during the corresponding period last fiscal. The core fee income went up by 53 per cent at Rs 89,67 crore.

The net interest margin for the quarter was 1.84 per cent as against 1.59 per cent for the corresponding period last year.

Seqentially the net interest margin grew by 21 basis points, he added.

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