IndusInd Bank declares 94% rise in net profit

IndusInd Bank declares 94% rise in net profit
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First Published: Fri, Apr 16 2010. 10 04 PM IST
Updated: Fri, Apr 16 2010. 10 04 PM IST
Mumbai: IndusInd Bank Ltd on Friday announced a 94% increase in net profit to Rs97.96 crore for the quarter ended March, driven by growth in fee income and loan growth.
“The bank’s advances have grown by 30%,’’ managing director and chief executive officer Romesh Sobti said. IndusInd’s net interest margin (NIM), or the difference between the rate of borrowing and lending funds, for the quarter ended March was 19% against 2.33% for the corresponding period last year.
“We expect to continue to outpace the industry and grow our loan book in the range of 25 to 30%.’’ Sobti said.
The bank’s operating profit grew by 33% to Rs200.48 crore against Rs151.29 crore in the previous year. Total income rose to Rs852.57 crore for the March quarter while capital adequacy was 15.33%.
”The bank is growing (at) around 30%. We will need to raise fresh capital through (the) issue of fresh equity shares, which could happen only in the third quarter of financial year 2011,’’ Sobti said.
The bank’s non-performing loans for the fourth quarter dipped to 0.5% from 1.14% in the corresponding quarter last year.
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First Published: Fri, Apr 16 2010. 10 04 PM IST