IndusInd Bank’s Net Profit Jumps 29% To Rs 751 Crore

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IndusInd Bank’s Net Profit Jumps 29% To Rs 751 Crore

IndusInd Bank Ltd. surpassed analysts estimate with the best profit growth in four quarters and steady asset quality in the three months ended December 2016.

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Net profit rose 29.3 percent to Rs 751 crore from Rs 581 crore in October to December 2015, according to the company’s filing to the exchanges. Analysts polled by Bloomberg had estimated a net profit of Rs 727.5 crore.

Net interest income, or the core income a bank earns, increased 34.5 percent to Rs 1,578 crore from Rs 1,173.4 crore. Other income rose 21.2 percent to Rs 1,017 crore as against Rs 839 crore earlier.

Gross non-performing assets (NPAs) rose 8.1 percent to Rs 971.62 crore from Rs 899 crore in the July to September quarter. On a year-on-year basis, gross NPAs were 42.6 percent higher than the Rs 681.1 crore reported in the same quarter last year.

As a percentage of total loans, gross NPAs inched higher to 0.94 percent from 0.90 percent in the previous quarter and 0.82 percent in the year-ago quarter.

Net NPAs rose to 0.39 percent of the loan book compared with 0.37 percent in the previous quarter and 0.33 percent in the same quarter last year.