New Delhi: Private sector IndusInd Bank on Thursday posted a 27 per cent rise in its net profit at Rs 953.09 crore for the quarter ended March 2018 on higher income mainly from interest. The bank made a net profit of Rs 751.61 crore in the corresponding period of 2016-17.
Total income during the quarter rose to Rs 5,858.62 crore, as against Rs 5,041.31 crore in the same quarter of 2016-17, the bank said in a regulatory filing.
It earned an interest income of Rs 4,650.11 crore in January-March period of 2017-18, up by 21.4 per cent from Rs 3,830.01 crore earned in the same period a year ago. While, the income from investments rose to Rs 830.51 crore for the quarter under review, from Rs 644.05 crore in the corresponding period a year ago.
However, there was slight deterioration in bank's asset quality with the gross non-performing assets (NPAs) standing at 1.17 per cent of the gross advances as on March 31, 2018, as against a ratio of 0.93 per cent a year earlier. Net NPAs were 0.51 per cent of the net advances at the end of fiscal ended March 2018, from 0.39 per cent year earlier.
In value terms, gross NPAs were seen at Rs 1,704.91 crore in the year ended March 2018 against Rs 1,054.87 crore in 2016-17, while net NPAs or bad loans were to the tune of Rs 745.67 crore, from Rs 438.91 crore. The board of the bank has recommended a dividend of Rs 7.50 per equity share for the fiscal ended March 31, 2018, IndusInd Bank said.
For the entire fiscal 2017-18, bank's net profit was up by 26 per cent to Rs 3,605.99 crore, as against Rs 2,867.89 crore in 2016-17. Total income for the fiscal increased to Rs 22,030.85 crore from Rs 18,577.16 crore.
IndusInd Bank stock was trading 0.69 per cent down at Rs 1,832 apiece on BSE in the afternoon trade on Thursday. The bank said it has made necessary provision, as per RBI guidelines, for the fraud detected during the quarter in respect of a gems and jewellery borrower group.
