IndusInd Bank's Q3 net profit up nearly 25%

IndusInd Bank's Q3FY18 net profit comes at Rs 936 crore shares drop 2

A Bloomberg poll of experts projected IndusInd Bank to be around Rs 943 crore in Q3FY18.

Managing director and chief executive Ramesh Sobti said the bank saw a surge in demand for term loans, which is indicative of a turnaround in the corporate sector.

The better earnings came on the back of a robust 20 per cent rise in net interest income (NII is interest earned minus interest expended) at Rs 1,894.81 crore against Rs 1578.42 crore in the year-ago period.

Provisions for the quarter rose by 9 per cent yoy and declined 19 per cent qoq to Rs. 236 crore in Q3FY18. Compared with the second quarter of FY18, gross NPAs rose by eight basis points. The floating provision has been considered while computing the net NPAs and provision coverage ratio (PCR).

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As a reminder the handset features a 6 inch display with an 18:9 aspect ratio and a FHD+ resolution of 2160 x 1080 pixels. It starts at Rs 37,999 ($595.82), which is the same price as the Midnight Black 8/GB/128GB version in the country.

The large-cap bank has equity capital of Rs 599.75 crore.

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. We believe in "responsive innovation" as our central theme. Fee income, too, grew 22 per cent to Rs 1,076.51 crore. It had recorded a net profit of Rs 750.64 crore in the year-ago period.

As for IL&FS' subsidiary, IndusInd said, "The proposed transaction is conditional on definitive agreements and approvals including regulatory approvals, and as such, does not have any bearing on the current financial result or the position of the bank as on December 2017".

On the BSE, 1.02 lakh shares were traded on the counter so far as against the average daily volumes of 1.36 lakh shares in the past two weeks.

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