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IndusInd Bank booked a 26 per cent year-on-year (YoY) increase in its first quarter net profit at ₹661 crore, on the back of a 30 per cent increase in its advances book to ₹93,678 crore as well as a 38 per cent rise in net interest income (interest earned minus interest expended), to ₹1,356 crore.
Net interest margin grew 29 basis points to 3.97 per cent, while net NPA grew seven basis points to 0.38 per cent YoY. The bank set aside ₹230 crore as provisions for bad loans – a YoY increase of 87 per cent.
Romesh Sobti, MD and CEO of IndusInd Bank, said: “We have started the year on a strong note with all key performance vectors upwardly trended. Apart from the robust financials, during the quarter, the bank continued its focus on digitising its customer offerings by launching a market first service – ‘Finger Print’ mobile banking.
“To sustain and strengthen our leadership in Consumer Finance Business, there were a series of strategic alliances made in the two-wheeler and three-wheeler financing segment to offer convenience and added benefit to our customers.”
Though current account savings account (CASA) increased in absolute terms from ₹26,945 crore to ₹35,043 crore YoY, CASA as a percentage of total deposits declined three bps to 34.4 per cent.
Capital adequacy of the bank, as per Basel III norms, stood at 15.42 per cent. The bank added four branches and 85 ATMs during the quarter. It now has a network of 1,004 branches and 1,885 ATMs.
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