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IndusInd Bank slips in volatile trade

IndusInd Bank slips in volatile trade

Mumbai: IndusInd Bank on Thursday posted a mixed set of numbers when the private sector lender reported December quarter net profit in line with expectations but witnessed a marginal rise in bad loans.

NII, which is the difference between interest earned and interest expended, rose 20 per cent on a year-on-year (y-o-y) basis to Rs 1,894.81 crore.

However, IndusInd Bank witnessed a small rise in the gross NPA ratio, which went up to 1.16 per cent from 0.94 per cent in the same quarter past year due to reverses in loans against property, commercial loans and corporate loans.

Romesh Sobti, MD & CEO, IndusInd Bank said, "The Bank has continued to show a steadfast performance again in this quarter".

Its net interest margin (NIM) stood at 3.99 per cent for the current quarter as against 4 per cent in the corresponding quarter of the previous year.

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Net NPAs of the bank rose to 0.46 per cent in the quarter from 0.39 per cent of the total assets. On a quarter-on-quarter basis, they fell 19.61% from Rs293.75 crore.

Non Interest income for the quarter was Rs. 1,186.76 crores as against Rs. 1,016.80 crores in the corresponding quarter of the previous year, a growth of 17 %.

Asset quality for the quarter remained stable over the quarter with GNPA's advancing by 8 bps over previous quarter, while on yoy basis 24 bps increase was witnessed. It had recorded a net profit of Rs 750.64 crore in the year-ago period.

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.