IndusInd Bank June-quarter net profit surges 24 percent

IndusInd Bank Ltd reported a 24 percent jump in its first-quarter net profit on Tuesday, driven by higher interest income.

Net profit climbed to 10.36 billion rupees ($150.58 million) in the three months to June 30 from 8.37 billion rupees a year earlier, the country`s sixth-largest private sector lender by assets said in a statement.

Gross bad loans as a percentage of total loans stood at 1.15 percent at end-June, compared with 1.17 percent in the previous quarter and 1.09 percent a year earlier.

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Interest earned by the bank, which is part of the Hinduja Group, jumped 22.6 percent to 50.68 billion rupees.

($1 = 68.8000 Indian rupees)