IndusInd Bank slips in volatile trade

IndusInd Bank slips in volatile trade

IndusInd Bank Ltd said on Thursday third-quarter net profit rose almost 25 percent, helped by higher interest income.

The bank's net interest income increased by 20 per cent to Rs 1,894.81 crore from Rs 1,578.42 crore earned during the corresponding quarter of the previous year. According to the lender, its net profit during the quarter under review rose to Rs 936.25 crore - up 24.72 per cent - from Rs 750.64 crore reported for the corresponding period of last fiscal.

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.

"The highlight of the quarter really was balance sheet crossed Rs. 2 lakh crore for the first time", said Romesh Sobti, MD & CEO IndusInd Bank, during the post-earnings media interaction.

Interestingly, the bank's provision and contingency stood at Rs 236.16 crore in Q3FY18, which was higher from Rs 216.85 crore of Q3FY17 but lower from Rs 293.75 crore of Q2FY18.

The total income stood at INR 5,473.54 crore for the quarter ended 31 December 2017. We have maintained a stable quality loan book. "Just like in the past, we will continue to launch a wide range of banking products and services which are not only unique but very germane to our consumers". Other income was at Rs1,186.76 crore, up 16.72% from Rs1,016.80 crore a year ago.

At 3.03pm, Indusind Bank shares were trading at Rs1702.75 on BSE, down 1.84% from its previous close while India's benchmark Sensex Index gained 0.13% to 34,477.79 points.