Economy

IndusInd Bank Q3FY18 results meet estimates

IndusInd Bank Q3FY18 results meet estimates

Mumbai: IndusInd Bank on Thursday posted a mixed set of numbers when the private sector lender reported December quarter net profit in line with expectations but witnessed a marginal rise in bad loans.

Other income (including non-fund-based income, such as commission earned from guarantees/letters of credit, financial advisory fees, selling third-party products, earnings from foreign exchange transactions and profit/loss from sale of securities) rose 17 per cent y-o-y to ₹1,187 crore.

The lender had reported net profit of Rs 750.64 crore for the corresponding quarter previous year. Total GNPA's for the quarter rose by 54 per cent yoy to Rs. 1,498 crore. This resulted in 25 per cent yoy to Rs. 936 crore in Q3FY18 compared to Rs. 750 crore in Q3FY17.

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.

Gross non-performing assets (NPAs) advanced 54.25% to Rs1,498.70 crore at the end of the December quarter from Rs971.62 crore in the same quarter previous year.

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"All vectors for both topline and bottomline have progressed as per plan". The Capital Adequacy Ratio stood at 12.26 per cent [under BASEL III] against the regulatory requirement of minimum 9 per cent.

"The bank has continued to show a steadfast performance again in this quarter". Commercial vehicle loan book, which contributes almost 18 percent to total loan book, will be closely watched as it has been very good quarter for Ashok Leyland. One, of the growth in savings bank which grew by 68%.

Shares of IndusInd Bank fell by over 2 per cent today even as the company posted a 24.72 per cent increase in net profit for the quarter ended December 2017.

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