IndusInd Bank's Q1FY17 net profit rises by 26% to Rs. 661 crore
The bank reported net profit of Rs. 661.38 crore, witnessing growth of 26% yoy (year-on-year) and 6.61% qoq (quarter-on-quarter) led by strong performance from retail banking.
IndusInd Bank reported its standalone net profit of Rs. 661.38 crore for the quarter ended June, 2017, registering growth of 26% yoy (year-on-year) and 6.61% qoq (quarter-on-quarter) led by strong performance from retail banking.
On segment revenue-wise break up, the retail banking contributed around 23.35% yoy growth to Rs. 2,281.47 crore compared to Rs.1,849.56 crore in Q1FY16.
The bank’s Net Interest Income (NII) stood at Rs. 1,356.42 crore, rising by 38.31% yoy and 6.95% qoq. While its total income was around Rs. 4264.66 crore, witnessing growth of 22.36% yoy and 5.44% qoq.
Net Interest Margin (NIM) of the bank was around 3.97% qoq compared to 3.94% in the preceding quarter.
Bank told to ZeeBusiness, that they plan a loan portfolio of around 50% by next 12 to 15 months. At present fixed rate book is about 72%, they further plan to cut deposit rate.
In-spite of better financial performance, the private lender also recorded higher provisions and contingencies of Rs. 230.47 crore rising by 86.87% yoy from Rs. 123.33 crore in the corresponding period of the previous year.
Also, the net NPA (non-performing asset) rose to 0.38%, up by 7 basis points from 0.31% in the same quarter of the previous year.