IndusInd Bank's Q3 net profit up almost 25%

Mumbai : Lending major IndusInd Bank on Thursday reported a rise of almost 25 per cent in net profit for the third quarter (Q3) of 2017-18. According to the lender, its net profit during the quarter under review rose to Rs 936.25 crore -- up 24.72 per cent -- from Rs 750.64 crore reported for the corresponding period of last fiscal.

The bank's net interest income increased by 20 per cent to Rs 1,894.81 crore from Rs 1,578.42 crore earned during the corresponding quarter of the previous year.

Further, the lender reported that its net interest margin was "stable at 3.99 per cent" for the third quarter as against 4 per cent in the corresponding quarter of the previous year.

The non-interest income for the quarter grew by 17 per cent to Rs 1,186.76 crore as compared to Rs 1,016.80 crore during Q3 of 2016-17. The deposit growth of the bank was up 23 per cent y-o-y, while the saving deposit growth surged by 68 per cent.

However, the company's bad loans portfolio increased with the net NPA (non-performing assets) level at 0.46 per cent, up from 0.39 per cent reported during the corresponding period of 2016-17 and 0.44 in the second quarter of 2017-18.

"The bank has continued to show a steadfast performance again in this quarter. All vectors for both topline and bottom line have progressed as per plan," said Romesh Sobti, Managing Director and CEO, IndusInd Bank.