IndusInd Q1 net at Rs13cr; to raise Rs300-350 cr in debt

IndusInd Q1 net at Rs13cr; to raise Rs300-350 cr in debt
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First Published: Wed, Jul 25 2007. 08 32 PM IST
Updated: Wed, Jul 25 2007. 08 32 PM IST
PTI
Mumbai: Private lender IndusInd Bank reported 65% rise in net profit on 25 July at Rs13.22 crore in the first quarter this fiscal compared to Rs8.01 crore in the year-ago period on growth in fee-based and interest income.
The bank also plans to raise Rs300-350 crore in debt this fiscal to meet its capital adequacy requirements and future growth, IndusInd Bank managing director and CEO Bhaskar Ghose told reporters here.
Deposits were up 13% to Rs17,329 crore and advances grew by a modest 6% to Rs11,469 crore. The total income stood at Rs496 crore as compared to Rs380 crore in the same quarter of the previous fiscal.
The bank saw an improvement in yield on advances, which rose 2% to 11.16% compared to the corresponding quarter last year.
“New loans disbursed during this quarter were at an average yield of 15.31% a year compared to the average yield of 14.11% for loans disbursed during the last quarter,” Ghose said.
In this fiscal, IndusInd plans to raise Rs300-350 crore through subordinated debt, qualifying for Upper Tier-II capital, from the domestic market.
“The amount will be raised in tranches and we hope to raise the first tranche most likely in the next quarter,” he said.
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First Published: Wed, Jul 25 2007. 08 32 PM IST