IndusInd Bank Q4 net profit at Rs 752 crore, up 21% yoy
IndusInd Bank missed analyst estimates and reported 21% rise in net profit for the fourth quarter ended March 31, 2017. The bank reported net profit of Rs 751.61 crore in Q4, up 21.15% compared to Rs 620.35 crore in the corresponding period of the previous year.
Meanwhile, net interest income (NII) was at Rs 1,667.45 crore, witnessing growth of 31.48% year-on-year (YoY) and 5.64% quarter-on-quarter (QoQ).
Romesh Sobti, MD & CEO, IndusInd Bank said, “Reforms in the form of Government initiatives such as “Digital India”, Demonetization, GST and others have buoyed the overall economy. The Government’s push for Digital India has changed the way Banks do business. Digitization is a critical enabler across the organisation and will continue to be the core area of focus for us.
He added, "We are ending the year with yet another quarter of consistent performance across all parameters. The acquisition of IL&FS’ Securities Services subsidiary was yet another strategic move to have differentiated businesses with domain expertise. The road ahead looks very exciting and we are committed to all our stakeholders is creating value in this journey.”
Provisions this Q4 stood at Rs 430.13 crore, increasing by 101.31% yoy and 98.35% qoq. Absolute gross non-performing assets (GNPA) stood at Rs 1,054.87 crore against Rs 776.82 crore of Q4FY16 and Rs 971.62 crore of Q3FY17. In percentage terms, GNPA was at was at 0.93% (Rs 1,054.87 crore), expanding by 6 basis points yoy but contracting by 1 basis points qoq.
Total income were at Rs 5,041.31 crore this Q4, growing by 22.35% yoy and 6.89% qoq,
Motilal expected net profit of Rs 761.7 crore in Q4 increasing by 22.77% yoy and 1.47% qoq, while net interest income was seen at Rs 1,620.5 crore rising by 27.77% yoy and 2.66% qoq.