Quarterly Results: IndusInd Bank Ltd.
Bhagyashree Vivarekar / 10 Jan 2017
IndusInd Bank Ltd’s standalone results for the quarter ended December 31, 2016 showed strong performance at both the revenue and net profit levels. The stock which was trading in the red recovered to close with a marginal gain after the results were declared.
IndusInd Bank Ltd’s standalone results for the quarter ended December 31, 2016 showed strong performance at both the revenue and net profit levels.
The bank's revenues grew 22.9 per cent year-on-year (YoY) and 5.8 per cent quarter-on-quarter (QoQ) to reach Rs 1,578.4 crore. Its net profit grew 29.2 per cent YoY and 6.6 per cent QoQ to reach an amount of Rs. 750.6 crore.
However, the bank's asset quality deteriorated to 42.6 per cent to Rs. 971.6 crore from Rs 681.1 crore during the corresponding quarter last fiscal. Also, the Gross NPAs as a share of advances (GNPA per cent) increased to 0.94 per cent from 0.82 percent in Q3FY16. The GNPA per cent for the previous quarter stood at 0.9 per cent.
The quarter's capital adequacy ratio reported by the bank according to Basel III norms was 15.3 per cent.
IndusInd Bank informed BSE about the results after considering the same in its board meeting held earlier today. The bank is also currently holding a conference call for analysts and investors to discuss the results.
IndusInd Bank Ltd has emerged as one of the fastest-growing banks in the banking sector in India. The products and services offered by the company includes personal banking that offers a wide range of products and services, including term deposits, loans, investments, insurance, forex services, demat services, online services and wealth management services, among others. Its NRI banking service offers money transfer, investment products such as international deposits, mutual funds, online share trading, etc. The bank also offers property solutions and insurance loans. The bank's business banking caters to SMEs, retail, NRI and other corporates, offering spectrum of products and services.
The stock opened for trading on the BSE today at a high of Rs 1180.30 but traded in the negative territory for most of the day. However, it closed at Rs. 1161.85, up 0.2 per cent from the previous day's close, rising after the results were declared. The stock had a day’s high of Rs 1180.30 and a low of Rs 1143.55.
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