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IndusInd Bank Chairman's Speech > Engineering - Heavy > Chairman's Speech from IndusInd Bank - BSE: 532187, NSE: INDUSINDBK

IndusInd Bank

BSE: 532187|NSE: INDUSINDBK|ISIN: INE095A01012|SECTOR: Banks - Private Sector
Jul 17, 16:00
-18.15 (-0.94%)
VOLUME 31,320
Jul 17, 15:57
-17.75 (-0.92%)
VOLUME 1,131,560
Mar 15
Chairman's Speech (IndusInd Bank) Year : Mar '17

Dear Shareholders,

2016-17 was a watershed year for the Indian Banking Sector. Reforms initiated by the Government to improve efficiency and performance of banks have given a big push to online and digital banking, and bolstered the move towards a cashless economy. With demonetization, technology-based services became the driving force behind the Sector. By the end of fiscal 2017, the digital push had transformed not just banking but also people’s lives in a positive way. Amidst all this change, Induslnd Bank also embraced digital technology in a robust and sustainable manner and adapted to the changes through Sound, Responsible and Sustainable banking. During the year, we reached out to new Retail and Corporate customers across the country, including those at the bottom of the pyramid. Sustainability, which forms the bedrock of our corporate governance, has been the key to the Bank’s continued success.

The Bank''s financials remain on a firm footing, registering consistently strong growth across all parameters.

Our Net Profit rose 25 per cent in the year to of the 2,867.89 crore. Net Interest Income was up 34 per cent at of the 6,062.60 crore. Non-Interest Income rose 27 per cent, to of the 4,171.49 crore. The Return-on-Assets stood at 1.86 per cent. Total Advances and Deposits grew by 28 per cent and 36 per cent respectively.

Our digital push continued unabated during the past year. We intensified our online banking efforts and improved our services. We continued to innovate, launching a new, convenient and secure service called ‘Fingerprint Banking’ which allows customers to conduct end-to-end transactions via the Indus Mobile banking app using just their fingerprint.

As part of the efforts to broaden our service offering, we acquired the Security Services subsidiary of IL&FS in a strategic move that will allow us to create differentiated businesses under the Induslnd umbrella with ready domain expertise. I am very excited about the opportunities this acquisition can create for our overall business.

Over the last few years, we have made a commitment to give back to society. We harnessed the power of sport for change, through our ‘Induslnd for Sports’ initiative - the cornerstone of our CSR strategy. We teamed up with GoSports Foundation for ‘JeetkaHalla’, a campaign that aimed to support para-athletes under the Induslnd Para Champions Programme. We also joined hands with the Cricket Association for the Blind in India (CABI), to garner support, generate passion and create visibility for Blind Cricket at all levels. The moment of pride was when our paralympians and #The Other Menln Blue won the top honours at the Rio Paralympics and T20 World Cup Cricket for the Blind respectively, bringing laurels at the global level.

It is gratifying to see our hard work throughout the year recognized and rewarded by numerous accolades. We were honoured with the ‘Best Technology Bank’ award and declared runner-up in the ‘Best IT Risk and Cyber Security Initiative'' and ‘Best Payment Initiatives’ categories at the IBA Banking Technology Conference, Expo & Awards 2017, among other honours. Our Bank also featured in Forbes’ list of Super 50 Companies in India. Moreover, we went up a place to be ranked No.12 in Kantar Millward Brown and WPP’s prestigious ‘Brandz Top 50 Most Valuable Indian Brands 2016'' list, with a value of .8 billion, up 18 per cent from last year.

To conclude, I would like to congratulate everyone on successfully navigating the challenges this year. We wouldn’t have done so without two of our most important stakeholders - our customers and our employees. I offer my sincere gratitude for their unwavering commitment to the Bank.

I would also like to thank the central regulatory authorities and agencies for their support.

Finally, my sincere appreciation to my colleagues on the Board for guiding and supporting the management team in its endeavors.

Yours Sincerely,

Romesh Sobti

Managing Director & CEO

Source : Dion Global Solutions Limited
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