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%
· As on December 31, 2009 the total Advances were at Rs. 19091 crores and total Deposits were at Rs. 24755 crores, showing a YOY growth of 33% and 20% respectively
· Gross NPA in current Q3 stands at 1.34% as compared to 1.82% for the corresponding period of the previous year. Net NPA as at December 31, 2009 stands at 0.67% as compared to 1.30% for the corresponding period of the previous year
Commenting on the performance, Mr. Romesh Sobti, MD & CEO, IndusInd Bank said, “The Bank continues to maintain a steady uptrend in its health and profitability parameters. The highlight of the quarter is the 33% growth in the loan book which has fuelled doubling of our Net Interest Income, as well as a significant improvement in our coverage ratio and a further drop in our NPAs to 0.67%."
About IndusInd Bank
IndusInd Bank Ltd. is one of the new generation private-sector banks in India, which commenced its operations in 1994. The Bank caters to the need of both Consumer & Corporate Clients and has a robust technology platform supporting multi – channel delivery capabilities. The Bank enjoys a patronage of 2 million customers and has a network of 200 branches and 424 ATMs spread over 161 geographical locations in 28 states and union territories across the country. The Bank also has a Representative Office in Dubai and London. The Bank’s total business (deposits plus advances) as on December 31, 2009 crossed Rs. 43,000 crores.
The Bank is driven by state-of-the-art technology since its inception. It has multi-lateral tie-ups with other banks providing access to more than 21000 ATMs for its customers. It enjoys clearing bank status for both major stock exchanges - BSE and NSE - and three major commodity exchanges in the country – MCX, NCDEX, and NMCE. It also offers DP facilities for stock and commodity segments. The Bank has been bestowed with the mandate of being a Settlement Banker for tea auctions at Kolkata, Siliguri, Coonoor and Guwahati.
During the quarter, in a pioneering initiative in ‘Green Banking’ the Bank became the first bank in Maharashtra to open a solar-power ATM. Subjects like sustainable development, social responsibility and climate change are fast becoming part of the corporate vocabulary and IndusInd is at the forefront of this change in the Indian banking sector.
The Bank has been awarded the highest P1+ rating for its Fixed Deposits and Certificates of Deposit by CRISIL. Recently, CRISIL has reaffirmed its P1+ rating of IndusInd Bank’s fixed deposits and certificates of deposit program. The rating continues to reflect the Bank’s established presence in the Commercial Vehicle (CV) financing business and the significant improvement in its asset quality. The rating also features in the Bank’s modest resource and earnings profile, and average capitalisation levels.
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(This is a press release from IndusInd Bank)
