Private sector lender IndusInd Bank has reported a 27 per cent increase in its net profit at Rs 953.09 crore for the fourth quarter ended March 31, 2018, led by an uptick in net interest income.

Net profit for the fiscal 2017-18 rose by a similar 26 per cent to Rs 3,605.99 crore compared with Rs 2,867.89 crore in 2016-17.

IndusInd Bank, which is the sixth largest private sector lender, also reported a 20 per cent increase in net interest income at Rs 2,0007.59 crore in the fourth quarter. For the whole of 2017-18, its net interest income grew 24 per cent to Rs 7,497.45 crore.

Gross bad loans as a percentage of total loans stood at 1.17 per cent at end-March, compared with 1.16 per cent in the previous quarter and 0.93 per cent a year earlier.

“We are tracking well on the first year of our Planning Cycle four,” said Ramesh Sobti, Managing Director and CEO, Indus Ind Bank.

Addressing reporters, Sobti said the bank expects to integrate business with Bharat Financial by July. “We have already received NoC from the Competition Commission of India and the Reserve Bank of India,” he said, adding that the bank is now awaiting approval from SEBI, following which it will also require clearance from the National Company Law Tribunal.

Sobti also said that IndusInd Bank has not faced any issue of currency shortage and all its ATMs are working properly.

“We just had cash shortage in Karnataka but we flew money from elsewere. There is no cash shortage in other places,” said Sumant Kathpalia, head, consumer banking, IndusInd Bank.

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