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.
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