April 18, 2013 / 22:16 IST
Moneycontrol Bureau
Aided by higher interest as well as core fee income private sector lender
IndusInd Bank's fourth quarter (January-March) net profit grew by a forecast beating 38 percent year-on-year to Rs 307 crore.
Net interest income or the difference between interest earned and paid out, rose 42 percent y-o-y to about Rs 660 crore in January-March quarter in 2012-13. Core fee income increased 31% y-o-y to Rs 345 crore.
Analysts on an average had expected net profit of Rs 281 crore and net interest income of Rs 606 crore for the quarter. IndusInd Bank shares on Thursday hit 52-week high at Rs 456 to close the day's trading session at Rs 450 on NSE.
"In a challenging environment we seem to have coped up well in terms of topline and bottomline," Romesh Sobti, MD & CEO, IndusInd Bank told reporters here in Mumbai.
"For the first time, our net profit crossed Rs 1,000 crore mark in a financial year. We have increased our dividend payment to 30% as against 22% a year back. We expanded our branch network to 500 as against 400 previous year. We have maintained the health parameters of our balance sheet," he said.
The bank's loan book expanded 26% y-o-y to about Rs 44,320 crore. IndusInd Bank lends to corporate for working capital requirements. Currently, corporate loans constitute 49% of total loans while the rest 51% is for consumer financing.
Net interest margin improved to 3.70 percent as against 3.46 percent a quarter back.
Net non-performing assets (NPA) ratio was little changed at 0.31 as compared to the October-December quarter. Gross NPA ratio however inched up from 0.99% to 1.03% quarter-on-quarter.
"There is no specific stress coming from any segment of the business. Our CV portfolio does not generate any asset quality pressure," Sobti said.
Deposits grew 28% y-o-y to about Rs 54,100 crore. The share of current and savings account deposits too improved from 27.30% to 29.32%. The bank is offering 6% on its savings account deposits.
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