IndusInd Bank Ltd. reported net interest income of Rs. 1,774.06 crores for the quarter ended June 30, 2017, as against Rs. 1,356.42 crores in the corresponding quarter of the previous year, representing a robust growth of 31 per cent.
Operating profit for the quarter is Rs. 1,588.53 crores (Rs. 1,233.79 crores), showing a growth of 29 per cent. Net profit is Rs. 836.55 crores (Rs. 661.38 crores), showing a growth of 26 per cent.
Total advances as on June 30, 2017 amounted to Rs. 1,16,407 crores as compared to Rs. 93,678 crores on June 30, 2016, recording a growth of 24 per cent. Total deposits came to Rs. 1,33,673 crores as compared to Rs. 1,01,768 crores. While total business amounted to Rs. 2,50,080 crores. Savings accounts as on June 30, 2017 at Rs. 31,556 crores rose 65 per cent from Rs. 19,091 crores as on June 30, 2016.
Commenting on the performance, Mr. Romesh Sobti, MD & CEO, IndusInd Bank, said: “The quarter saw the momentum of the economy gradually picking up as the process of remonetisation moved towards completion. With consumption activity slowly picking up, there is a sustained rise in credit uptake. Against the challenging environment, the bank has shown consistent performance, riding on the positive sentiment in the economy. We are totally charged up to be a part of the greatest tax reform – GST. The bank posted net profit which is up by 26%, and net interest margin (NIM) for the quarter stood at 4% as against 3.97% in the corresponding quarter of the previous year.”