IndusInd Bank Q4 net up 38% at Rs. 307 crore on improved margins

indusind-bank-logoIndusInd Bank today reported its fourth quarter net profit at Rs. 307 crore, up 38 per cent against Rs. 223.38 crore in the corresponding period last year, beating Street expectations.

The Street had expected the net profit for January-March to come in at Rs. 292 crore.

The net interest income for the quarter saw a rise of 42 per cent at Rs. 661.23 crore from Rs. 464.40 crore, also beating Street estimate which had pegged it at Rs. 634 crore.

The improved performance during the period was largely on account of higher margins.

Net interest margin came in at 3.7 per cent against 3.29 per cent in the same period last year.

Shares of IndusInd Bank were up 7 per cent on the Bombay Stock Exchange after the results were announced, closing 7.22 per cent higher at Rs. 450.10.

Total non-interest income was Rs. 367.89 crore as compared to Rs. 292.05 crore in the corresponding quarter of the previous year, showing a growth of 26%.

“The bank has consolidated its position as a consistent performer and has yet again delivered a net profit growth of 38% for the Q4 FY13, supported by healthy traction in both interest and fee income,” Ramesh Sobti, managing director and chief executive officer, said in a post-earnings release.

While loans grew 26 per cent for the fiscal ending March, deposits saw an growth of 28 per cent during the year.

Net non-performing assets for the fiscal was 0.31 per cent compared to 0.27 per cent as on March 31, 2012.

 

Source : NDTV Profit

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