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IndusInd net jumps 30% in Dec quarter

The bank's core net interest income was up 34 per cent at Rs 577.80 crore during the quarter, while the other income also jumped by an equal measure to Rs 355.80 crore.

twitter-logoPTI | January 9, 2013 | Updated 23:18 IST

Private sector lender IndusInd Bank on Wednesday posted a 29.76 per cent jump in its net profit at Rs 267.3 crore for the quarter ended December 31, on a healthy jump in core income and margins.

The city-headquartered bank's net profit had stood at Rs 205.96 crore in the corresponding period last fiscal.

"Our bank has witnessed sound growth in the last quarter with significant turnaround in net interest margin and net interest income," bank's Managing Director and Chief Executive Romesh Sobti said.

The bank's core net interest income was up 34 per cent at Rs 577.80 crore during the quarter, while the other income also jumped by an equal measure to Rs 355.80 crore.

The jump in core income was helped by a 31 per cent jump in credit, while the deposit growth came in at 26 per cent, Sobti said, adding that he is confident of meeting the 25-30 per cent growth target.

The bank's net interest margin expanded to 3.46 per cent as of December 31 as against 3.25 per cent in the preceding quarter ended September 30.

Sobti sounded confident of a "further upside" in the NIM (net interest margin) once cost of deposits starts coming down after a cut in rates by the central bank.

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