Mumbai: Private sector IndusInd Bank Ltd on Monday announced a 31% jump in net profit for the quarter ended 30 June, backed by strong growth in fee-based income and net interest income.
IndusInd is the first listed bank to announce earnings for the quarter. Its results may not be an indicator of profitability at other banks, analysts said.
Profit rose to Rs236.26 crore from Rs180.18 crore in the year earlier. Fee-based income rose to Rs269.03 crore from Rs187 crore and net interest income, or the interest earnings from loans after paying depositors, stood at Rs484 crore, up 24% from Rs390 crore in the same period last year.
The numbes failed to cheer investors. The bank lost 0.25% to close at Rs342.50 on Tuesday on the Bombay Stock Exchange. The benchmark Sensex gained 1.30% and the banking sector index, the Bankex, gained 1.54% . Earnings were announced during market hours.
Total loans rose to Rs37,244 crore, up 31%, from Rs28,384 crore, while deposits rose to Rs45,075 crore from Rs35,264 crore, the bank said in a release.
Gross non-performing assets declined to 0.97% from 1.08% in the same quarter last year.