IndusInd Bank Posts Decent Results, Q3FY14 Net Profit Up 30%

Nutan Gupta / 10 Jan 2014

IndusInd Bank Posts Decent Results, Q3FY14 Net Profit Up 30%

The bank’s net profit for Q3FY14 came in at Rs 346.90 crore, as against Rs 267.27 crore in the corresponding quarter of the previous year. Its Net Interest Income, Other Income and operating profits also grew strongly.

IndusInd Bank has posted a decent set of numbers for the third quarter of FY14. The bank’s net profit for Q3FY14 came in at Rs 346.90 crore, up by 30% from Rs 267.27 crore in the corresponding quarter of the previous year. This is despite the mark-to-market loss of Rs 64 crore in the quarter ending December 31, 2013. The Net Interest Income (NII) stands at Rs 730.08 crore as against Rs 577.80 crore in the corresponding quarter of the previous year, registering a robust growth of 26%. Its Other Income grew by 35% to Rs 480.27 crore as against Rs 355.80 crore in the corresponding quarter of the previous year. The operating profit stood at Rs 647.36 crore as against Rs 472.16 crore in Q3FY13, marking a growth of 37%.

The Net Interest Margin (NIM) for the current quarter has improved by 19 basis points to 3.65% for Q3FY14. The capital adequacy stands at 14.38%. The Return on Assets remained stable at 1.74%, while the Return on Equity is at 16.76%. The Current Accounts-Savings Accounts (CASA) ratio rises to 32.16%.

The bank’s asset quality has taken a beating this quarter. Its gross Non-Performing Assets (NPA) inched up to 1.18% during the quarter from 1.11 % in Q2FY14 and 0.99% i the corresponding quarter last year. The Net NPAs also rose by 9 bps on a sequential basis  to 0.31%. In absolute term, the Gross NPAs increased 14.5%  on a quarterly basis and 48.2% on a yearly basis to Rs 625 crore. The Net NPAs were also up by 51.4% on a quarterly basis (31.7% YoY) to Rs 165 crore. The picture was not too different on the provisions and contingencies front, which climbed to Rs 126 crore during the quarter ending December 2013.

Some of the performance highlights for the 9-month period ended December 31, 2013 from the press release are:

  • Operating profit for the 9 month period ended December 31, 2013 was Rs. 1876.88 crore as against Rs. 1296.01 crore in the corresponding quarter of the previous year, up 45%.
  • As on December 31, 2013 the total advances were at Rs. 52469 crore and total deposits were at Rs. 56247 crore, showing a YoY growth of 24% and 10% respectively.
  • Increase in branch network from 461 and 852 ATMs in the previous year to 573 branches and 1055 ATMs spread over 392 geographical locations as on December 31, 2013.

If you want to stay updated with the share market news today, keep a close watch on the indian stock market today with real time movements like sensex today live and overall stock market today trends. Investors tracking ipo allotment status, ipo news today, or the latest ipo india can also follow daily updates along with bse share price live data. Whether you are learning how to invest in stock market in india, preparing for a market crash today, or searching for the best stocks to buy in india, insights on top gainers today india, top losers today india, trending stocks india and long term stocks india help in making informed investment decisions.