• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager
• Smartbuy

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth
• Events 2007

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

— Paul Noronha

Mr Romesh Sobti, Managing Director & CEO, IndusInd Bank (left), with Mr Paul Abraham, Chief Operating Officer, at a press conference in Mumbai on Tuesday.

Our Bureau

Mumbai, June 24 Dragged down by higher provisions for non-performing assets, IndusInd Bank has registered a 32.47 per cent decline in net profit at Rs 14.45 crore in the fourth quarter of 2007-08, down from Rs 21.40 crore in the previous year.

The provisions in the quarter increased by 135 per cent to Rs 27.82 crore against Rs 11.82 crore in the corresponding quarter of the previous year.

Mr Romesh Sobti, Managing Director and CEO, IndusInd Bank, said that besides higher provisions for NPAs, the bank also saw a sharp spike in the yields of Government securities held under the Available For Sale category.

Total income for the quarter increased by 22 per cent to Rs 591.04 crore (Rs 483.34 crore) but was offset by a 23.44 per cent increase in total expenditure to Rs 539.77 crore (Rs 437.25 crore).

Net interest income increased by 12.92 per cent to Rs 96.90 crore during the quarter, against Rs 85.81 crore due to an increase in yield by 200 basis points, Mr Sobti.

Other income for the quarter also increased by 15.29 per cent and stood at Rs 65.51 crore (Rs 56.82 crore).

The net interest margin rose to 1.64 per cent from 1.41 per cent in the previous year.

The capital adequacy ratio stood at 11.91 per cent, against 12.54 per cent in the previous year.

Total advances in 2007-08 grew by 15.44 per cent to Rs 12,795.74 crore (Rs 11,084.20 crore). Total deposits also increased by 7.78 per cent to Rs 19,037.42 crore (Rs 17,644.80 crore).

Net profit for the fiscal was up 10 per cent at Rs 75 crore (Rs 68 crore)

More Stories on : Financial Performance | Private Banks

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Credit market crisis — Lessons that the West can learn from India

Copyright © 2008, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line