IndusInd''s Q3 net profit up 75 pc at Rs 153.86-crore

Written by: Pti
Subscribe to Oneindia News

Mumbai, Jan 17 (PTI) Private sector IndusInd Bank''s netprofit for the December quarter jumped nearly 75 per centto Rs 153.86-crore on the back of a healthy rise in bothinterest and fee incomes.

The Mumbai-headquartered bank was also able to widen itsnet interest margin (NIM) to 3.61 per cent from the 2.94 percent in the corresponding period last year in spite ofdifficult market conditions arising from a prolonged period ofrate hikes.

This was made possible by repricing of the loan-book,higher yields on advances at 12.31 per cent and containing therate hike impact on cost of deposits which grew marginally to6.17 per cent, the bank''s Managing Director and ChiefExecutive, Romesh Sobti, told reporters here today.

The bank''s NIMs will continue to expand in a sustainedmanner for "eight to ten quarters", he added.

In October-December 2010, the bank''s net interest incomegrew 53 per cent to Rs 237.70-crore while the core fee income,which comprises of income from forex operations, investmentbanking and distribution, was up 54 per cent atRs 111.29-crore.

The share of the cheaper CASA (current and savingsaccount) deposits also grew to 26.79 per cent during thequarter from 22.54 per cent, helping the NIMs.

Advances were up 31 per cent with those to corporatesgrowing 28 per cent and consumer finance like vehicle loansbeing up by 36 per cent. .

Please Wait while comments are loading...