New Delhi:Private sector IndusInd Bank on Thursday posted a 27% rise in its net profit at Rs953.09 crore for the quarter ended March 2018 on higher income mainly from interest.
The bank made a net profit of Rs751.61 crore in the corresponding period of 2016-17. Total income during the quarter rose to Rs5,858.62 crore, as against Rs5,041.31 crore in the same quarter of 2016-17, the bank said in a regulatory filing.
It earned an interest income of Rs4,650.11 crore in January-March period of 2017-18, up by 21.4% from Rs3,830.01 crore earned in the same period a year ago.
While, the income from investments rose to Rs830.51 crore for the quarter under review, from Rs644.05 crore in the corresponding period a year ago.
However, there was slight deterioration in bank’s asset quality with the gross non-performing assets (NPAs) standing at 1.17% of the gross advances as on 31 March, 2018, as against a ratio of 0.93% a year earlier.
Net NPAs were 0.51% of the net advances at the end of fiscal ended March 2018, from 0.39% year earlier. In value terms, gross NPAs were seen at Rs1,704.91 crore in the year ended March 2018 against Rs1,054.87 crore in 2016-17, while net NPAs or bad loans were to the tune of Rs745.67 crore, from Rs438.91 crore.
The board of the bank has recommended a dividend of Rs7.50 per equity share for the fiscal ended 31 March, 2018, IndusInd Bank said.
For the entire fiscal 2017-18, bank’s net profit was up by 26% to Rs3,605.99 crore, as against Rs2,867.89 crore in 2016-17.
Total income for the fiscal increased to Rs22,030.85 crore from Rs18,577.16 crore.
IndusInd Bank stock was trading 0.69% down at Rs1,832 apiece on BSE in the afternoon trade on Thursday. The bank said it has made necessary provision, as per RBI guidelines, for the fraud detected during the quarter in respect of a gems and jewellery borrower group.