IndusInd Bank Q3 net profit rises 25% to Rs936.25 crore

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Mumbai: Lending major IndusInd Bank on Thursday reported a rise of nearly 25 per cent in net profit for the third quarter (Q3) of 2017-18.

The bank's total income rose by 16.06 per cent to Rs 5,473.54 crore in the third quarter compared with the same period past year, but the net interest margins (NIMs) remained flat at 3.99 per cent.

Romesh Sobti, MD & CEO, IndusInd Bank said, "The Bank has continued to show a steadfast performance again in this quarter".

As a percentage of total loans, gross NPAs stood at 1.16% as compared to 1.08% in the previous quarter and 0.94% in the year-ago quarter.

Total income increased to Rs 1,526.86 crore for the quarter from Rs 1,457.52 crore in the same period a year ago, the bank said in a regulatory filing. Compared with the second quarter of FY18, gross NPAs rose by eight basis points.

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Gross NPA (non-performing asset) of the bank stood at 3.97 per cent (4.30 per cent) and net NPA at 2.85 per cent (2.99 per cent) during the period.

Asset quality for the quarter remained stable over the quarter with GNPA's advancing by 8 bps over previous quarter, while on yoy basis 24 bps increase was witnessed.

Net NPAs were 2.85 per cent of net loans against 2.99 per cent last fiscal.

As far as the merger with Bharat Financial Inclusion is concerned, Sobti said the bank has already received approval from the Competition Commission of India, and is awaiting other approvals.

After the announcement of the result, IndusInd Bank share price dropped by 2.22% or Rs 38.55 on BSE, trading at Rs 1,696.20 per piece at around 1441 hours.