IndusInd Bank Q3 Net Profit at Rs.88.04 cr, up by 95 % -
Net Interest Income doubles; NPA level drops to 0.67% & Coverage ratio jumps to 50% from 35%
Mumbai, January 15, 2010:
Board of Directors of IndusInd Bank Ltd., today approved and adopted its Unaudited Financial Results for the third quarter ended December 31, 2009.
Performance highlights for the Quarter ended December 31, 2009 are:
· Net Profit for the quarter was Rs. 88.04 crores as against Rs. 45.06 crores in the corresponding quarter of the previous year, showing a growth of 95%
· Net Interest Income (NII) was Rs. 237.70 crores as compared to Rs. 116.58 crores in the corresponding quarter of the previous year, registering a robust growth of 104%
· Operating Profit for the quarter was Rs. 173.78 crores as against Rs. 104 crores in the corresponding quarter of the previous year, showing a growth of 67%. The increase in Operating Profit is attributable to higher total income and lower total expense YoY
· Net Interest Margin (NIM) for the current quarter was 2.94% as against 1.81% in the corresponding quarter of the previous year
· Capital Adequacy Ratio as on December 31, 2009 was 13.84% as against 12.40 % at the end of December 31, 2008
· Core Fee Income grew by 41%
· CASA (Current Accounts- Savings Accounts) Ratio improved from 18.39% to 22.54%
Performance highlights for the 9-month period ended Dec 31, 2009 is:
· Net Profit for the 9-month period ended December 31, 2009 was Rs. 252.35 crores as against Rs. 97.82 crores in the corresponding period of the previous year, up 158%
· Net Interest Income (NII) was Rs. 613.62 crores as compared to Rs. 314.76 crores in the corresponding period of the previous year, up 95%
· Operating Profit for the 9-month period ended December 31, 2009 was Rs. 503.41 crores as against Rs. 216.96 crores in the corresponding period of the previous year, up 132 %. The surge in profitability in nine months of the current year is attributable to significant growth in Net Interest income (NII), improvement in non-interest income and control on operating expense
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(This is a press release from IndusInd Bank)
