IndusInd Bank Q3FY18 results meet estimates

Higher core income boosts Indus Ind Bank Q3 profit 25% to Rs 936 crore

Mumbai: Lending major IndusInd Bank on Thursday reported a rise of nearly 25 per cent in net profit for the third quarter (Q3) of 2017-18.

The bank's total income rose by 16.06 per cent to Rs 5,473.54 crore in the third quarter compared with the same period a year ago, but the net interest margins (NIMs) remained flat at 3.99 per cent.

A Bloomberg poll of experts projected IndusInd Bank to be around Rs 943 crore in Q3FY18.

Its net interest income (NII) grew by 20% to Rs. 1,895 crore on the back 25% year-on-year credit growth, while non-interest income growth was 17% to Rs. 1,187 crore.

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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 previous year due to reverses in loans against property, commercial loans and corporate loans.

IndusInd Bank reported its quarterly results which were in-line with street estimates for Q3FY18.The bank's asset quality weakened while profitability improved on a quarterly basis. "All vectors for both topline and bottom line have progressed as per plan", said Romesh Sobti, Managing Director and CEO, IndusInd Bank.

Net Interest Margin (NIM) remained subdued in Q3FY18 to 3.99%, compared to 4% each witnessed in Q3FY17 and Q2FY18 respectively. On a quarter-on-quarter basis, they fell 19.61% from Rs293.75 crore. Fee income, too, grew 22 per cent to Rs 1,076.51 crore.

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.