IndusInd Bank Q2 beats estimates, net up 32% to Rs 330 cr
Net interest income in the quarter gone by increased 37.25 percent to Rs 700 crore in September quarter from Rs 510 crore in a year ago period, which too was better-than-expected.
October 14, 2013 / 08:07 PM IST
Private sector lender IndusInd Bank beat street estimates with the second quarter (July-September) net profit rising 31.9 percent higher-than-expected year-on-year to Rs 330 crore due to fall in provisions.
Net interest income (NII) in the quarter gone by increased 37.25 percent to Rs 700 crore in September quarter from Rs 510 crore in a year ago period, which too was better-than-expected.
Analysts on an average had expected the bank to report net profit of Rs 316 crore and net interest income of Rs 675 crore.
Gross non-performing asset (NPA) rose 5 basis points (8 bps Y-o-Y) quarter-on-quarter to 1.11 percent during the quarter. Net NPA stood to 0.22 percent in September quarter as against 0.21 percent in June quarter and 0.29 percent in a year ago period.
Provisions and contingencies fell 32.6 percent sequentially (up 81.6 percent Y-o-Y) to Rs 89 crore in second quarter.
Advances grew 24 percent on yearly basis to Rs 48,968 crore and deposits rose by 11 percent to Rs 53,058 crore during the quarter, says Romesh Sobti, Managing Director of the bank.
He further says net interest margin of the bank declined to 3.65 percent in September quarter as against 3.72 percent in June quarter.
At 14:40 hours IST, the stock was trading at Rs 433.15, up 1.22 percent amid large volumes on the Bombay Stock Exchange.