IndusInd Bank, the private sector lender, reported a growth in the net profit for the fourth quarter ended March 31, 2017. The bank's net profit jumped 21% to Rs 7.51 billion compared with Rs 6.20 billion, a year ago.
Total income for the current quarter increased to Rs 50.41 billion from Rs 41.20 billion for the quarter ended March 31, 2016, representing an increase of 22.36%.
Bank has made one-off provision of Rs 1.22 billion against a large corporate account classified as 'Standard Advance' pursuant to specific RBI advice in this regard. The Bank's exposure which is due for repayment in June 2017 relates to a bridge loan for a Merger & Acquisition transaction in cement industry.
Net Interest Income (NII) for the quarter is Rs 16.67 billion as against Rs 12.68 billion in the corresponding quarter of the previous year, registering a robust growth of 31%.
Non-Interest income for the quarter is Rs 12.11 billion as against Rs 9.12 billion in the corresponding quarter of the previous year, a growth of 33%.
Net Interest Margin (NIM) for the current quarter is 4.00% as against 3.94% in the corresponding quarter of the previous year.
CASA (Current Accounts- Savings Accounts) Ratio improved to 36.85% against 35.19%.
Net NPA as on March 31, 2017 is at 0.39% as against 0.36% on March 31, 2016.
Romesh Sobti, MD & CEO, IndusInd Bank said, ''Reforms in the form of Government initiatives such as ''Digital India'', Demonetization, GST and others have buoyed the overall economy. The Government's push for Digital India has changed the way Banks do business. Digitization is a critical enabler across the organisation and will continue to be the core area of focus for us. We are ending the year with yet another quarter of consistent performance across all parameters. The acquisition of IL&FS’ Securities Services subsidiary was yet another strategic move to have differentiated businesses with domain expertise. The road ahead looks very exciting and we are committed to all our stakeholders is creating value in this journey.''
Shares of the bank declined Rs 9, or 0.63%, to settle at Rs 1,422.75. The total volume of shares traded was 346,502 at the BSE (Wednesday).