IndusInd Bank on Thursday reported a 24.73 per cent rise in its third quarter net profit at Rs 936.25 crore, aided by robust growth in its net interest income (NII). According to eight Bloomberg analysts' estimates, the bank was expected to post a profit of Rs945 crore.
However, the company's bad loans portfolio increased with the net NPA (non-performing assets) level at 0.46 per cent, up from 0.39 per cent reported during the corresponding period of 2016-17 and 0.44 in the second quarter of 2017-18. "All vectors for both topline and bottom line have progressed as per plan".
Total income of the lender also increased to Rs 5,473.54 crore during the quarter under review, up 16.05 per cent as against Rs 4,716.13 crore over the corresponding period of the previous fiscal, IndusInd Bank said in a BSE filing.
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Gross non-performing assets (NPAs) advanced 54.25% to Rs1,498.70 crore at the end of the December quarter from Rs971.62 crore in the same quarter past year.
The net interest margin (NIM) was stable at 3.99% for quarter as against 4% in the corresponding quarter of the previous year.
In it's financial audit, IndusInd stated that they have transferred an amount of Rs 70 crore towards floating provisions for advances during the quarter ended June 30, 2017.
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Provisions and contingencies rose 8.9% to Rs236.16 crore in the quarter from Rs216.85 crore a year ago.
On the BSE, 1.02 lakh shares were traded on the counter so far as against the average daily volumes of 1.36 lakh shares in the past two weeks.
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