IndusInd Bank Reported 25% Rise in its Net Profit
Published By : 13 Jul 2015 | Published By : QYRESEARCH
IndusInd, one of the major private sector bank, has posted a 25% rise in its net profit for the first quarter ended on June 30, 2015 at Rs. 525 Crore stimulated by the increase in interest and the fee income.
In the previous year, the bank had registered a net profit after tax of Rs. 421 Crore in the same quarter. The net income from interest was Rs. 980.66 Crore, i.e., up around 22%, whereas the other income was reported to reach Rs.724.34 Crore, up rose 26%, during the first quarter ended on June 30, 2014.
A 43% rise in the fees generated from the insurance segment, mutual funds, and credit cards grossing at Rs. 106.99 Crore has aided the other income segment extensively. Other than this, the revenues generated from investment banking also climbed to Rs. 122.94 Crore, up 42%, Mr. Romesh Sobti, MD and CEO at IndusInd stated.
The income from the treasury operations, such as money market and forex trading climbed around 40% and reach Rs 125.41 Crore. The improvement in NPA was reported at 0.79% of overall advances. It stood at 0.81% in the previous quarter. Mr. Sobti added that the asset quality is stable at this juncture and the net interest margin stood at 3.68%.
The share of the restructured assets of the bank increased to 0.63% of advances from the 0.53% in the previous quarter and stood at Rs. 453 Crore. Mr. Sobti told that the bank has garnered Rs. 4,327 Crore from an institutional placement of shares, which took place earlier this month.