The Hindu Business Line : IndusInd net dips 80%

MR BHASKAR GHOSE (left), Managing Director, CEO, Induslnd Bank, and Mr S. Nagarajan, Joint Managing Director, announcing the bank's results in Mumbai on Saturday. — Shashi Ashiwal

Mumbai , July 29

IndusInd Bank has reported an 80 per cent fall in its Q1 net profit at Rs 8.01 crore, against Rs 40.36 crore in the corresponding quarter of the previous year.

The drop in profit was on account of lower profit on sale of investments, absence of income from securitisation and lower volume of bad debt recoveries, said a company release.

While the total income grew to Rs 390.14 crore (Rs 349 crore), total expenditure also increased to Rs 353.19 crore (Rs 272.35 crore).

Net interest income fell to Rs 57.04 crore in the quarter ended June 30, 2006, against Rs 71 crore in the year-ago-period. Other income was lower at Rs 56.32 crore (Rs 76.30 crore). Operating profit also dipped to Rs 36.95 crore, compared to Rs 77.51 crore.

Advances grew by 22 per cent during this period from Rs 8,860 crore to Rs 10,809 crore.

Deposits have also shown a year-on-year growth of 18 per cent to Rs 15,400 crore, against Rs 13,081 crore. Income from bad debts recovery fell to Rs 10 crore (Rs 35 crore) and the earnings from sale of investments also dropped to Rs 2 crore (Rs 16 crore).

The capital adequacy ratio of the bank has fallen to 9.85 per cent as on June 30, 2006, against 11.08 per cent last year.

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