IndusInd Bank, the private sector lender, today reported a 25% growth in net profit at Rs 8.80 billion for the second quarter ended September 30, 2017 from Rs 7.04 billion in the same period last year.
Total income of the bank increased 21.07% to Rs 53.95 billion during the quarter from Rs 44.56 billion in the corresponding period last year.
The bank has made provision of Rs 2.93 billion, which was higher by 37.56% from prior year period to Rs 2.13 billion.
Net Interest Income (NII) was Rs 18.20 billion as against Rs 14.60 billion in the corresponding quarter of the previous year, registering a robust growth of 25%.
Non Interest income for the quarter was Rs 11.87 billion as against Rs 9.70 billion in the corresponding quarter of the previous year, a growth of 22%
Operating Profit for the quarter was Rs 16.33 billion as against Rs 12.81 billion in the corresponding quarter of the previous year, showing a growth of 27%.
Net Interest Margin (NIM) was stable at 4.00% for the current quarter and the corresponding quarter of the previous year.
Romesh Sobti, MD & CEO, IndusInd Bank said, ''At the moment, India is best poised for growth and this is reflected in the positive growth story during the quarter. Banks have adapted to the customers' needs and are offering solutions that are need and situation based. Digitization is giving the much needed thrust to the vision of a cashless economy, and businesses are treading classified in the same direction. Against such dynamic changes in the economy, the Bank has maintained its sustained financials with steady numbers. The total business of the Bank has increased to Rs 2,646.22 billion and we have maintained our NIM at 4.00%.
In keeping with the agenda to increase digital payment capacity, IndusInd Bank is proud to have partnered with Indraprastha Gas Limited (IGL) and will be the sole provider of prepaid CNG smartcards for commercial and private vehicles, facilitating cashless transactions at all IGL's CNG gas stations.''
Shares of the bank gained Rs 18.8, or 1.09%, to trade at Rs 1,736.15. The total volume of shares traded was 89,875 at the BSE (3.05 p.m., Thursday).
