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Business News/ Companies / Company-results/  IndusInd Bank net profit rises 28.84% in March quarter, beats estimates
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IndusInd Bank net profit rises 28.84% in March quarter, beats estimates

Profit rises to Rs396.05 crore from Rs307.4 crore in the year-earlier period, driven by an increase in income

Net interest income or earned from the bank’s core lending business increased 18.14% to `781.21 crore, from `661.23 crore in the corresponding period last year. Photo: MintPremium
Net interest income or earned from the bank’s core lending business increased 18.14% to `781.21 crore, from `661.23 crore in the corresponding period last year. Photo: Mint

Mumbai: IndusInd Bank Ltd on Wednesday said net profit in the March quarter rose 28.84% to 396.05 crore from 307.4 crore in the year-earlier period, driven by an increase in income.

The profit was higher than the 373 crore estimated by a Bloomberg poll of 25 analysts.

Net interest income earned from the bank’s core lending business increased 18.14% to 781.21 crore from 661.23 crore a year ago.

Other income, or revenue earned through fees, rose 42.14% to 522.92 crore from 367.89 crore last year.

The demand for loans was mostly from companies for working capital requirements, managing director and chief executive officer Romesh Sobti said.

“There has been no surge in capital-expenditure demand. Greenfield projects are still languishing at rock bottom and it is only through working capital loans driven by inflation that the banking sector has seen a 15% to 16% credit growth," Sobti said.

The bank clocked a 24% growth in loan demand year-on-year led by demand for loans from companies although retail loan growth was flat.

Net bad loans at the end of the quarter stood at 0.33% compared with 0.31% a year ago.

IndusInd Bank ended at 487.20 on BSE, up 0.63%, while India’s benchmark Sensex fell 0.92% to 22,277.23 points.

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Published: 16 Apr 2014, 03:43 PM IST
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