Mumbai: Private sector IndusInd Bank Ltd on Monday said profit rose 75.33% in the January-March quarter to Rs171.76 crore from Rs97.96 crore in the year earlier mainly on the back of a surge in core interest income, the main income from banking operations.
Interest income rose 45.62% to Rs1,048.84 crore from Rs720.21 crore last year as demand for loans accelerated in the last quarter of the 2010-11 financial year.
Both interest income and net profit exceeded Bloomberg’s estimates of Rs569.75 crore and Rs161.79 crore respectively.
The bank posted earnings per share of Rs 3.62, up from Rs 2.34 in the same period last year.
At 02:10 pm IndusInd shares were trading at Rs279.15, down 0.20%, compared with a 1.41% drop in the benchmark 30-share Sensex.