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IndusInd Jan-Mar profit rises to Rs505.2 mn on robust margins

IndusInd Jan-Mar profit rises to Rs505.2 mn on robust margins
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First Published: Tue, May 05 2009. 06 46 PM IST
Updated: Tue, May 05 2009. 06 46 PM IST
Mumbai: Private-sector lender IndusInd Bank’s net profit surged more than threefold in January-March quarter on robust net interest margins and non-interest income.
Net profit for the quarter rose to Rs505.2 million, up from Rs144.5 million a year ago.
“Robust rise in net interest margin to 2.48%, from 1.64%, coupled with 124% rise in non-interest income helped profits grow,” managing director Romesh Sobti told reporters.
In FY09, the bank has restructured loans worth Rs430 million, he said.
The bank, with a capital adequacy ratio of 12.33%, also plans to raise capital via subordinate debt in the tier II segment by the beginning of July, Sobti said.
He did not give the amount the bank plans to raise.
The bank currently has a headroom to raise up to Rs5 billion in the tier II segment, he said.
It also sees its loans to rise 25-30% in FY10 on growth in both corporate and retail segments, he said.
Commercial vehicle financing presently make up half of the retail loan portfolio of the bank.
“Offtake in commercial vehicle financing is expected to again pick up in the current financial year.”
Shares in the bank ended up 6.36% at Rs46.85 in the Mumbai market.
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First Published: Tue, May 05 2009. 06 46 PM IST