IndusInd Bank Q3 net up 29 per cent

Source: The Hitavada      Date: 11 Jan 2017 09:53:37


MUMBAI,

Jan 10,

(PTI),

MID-SIZED private sector lender Indusind Bank on Tuesday reported a 29 per cent surge in its December quarter net at Rs 750.64 crore, claiming that it was not impacted adversely by the demonetisation move. The lender had posted a post tax profit of Rs 581.02 crore in the October-December period last year. Its Managing Director, Ramesh Sobti attributed the profit jump to a 35 per cent growth in the core net interest income at Rs 1,578 crore which grew on a faster decrease in cost of funds. But for the RBI action on the cash reserve ratio, the NII would have been higher by upto Rs 40 crore, he said. He said there was a 35 per cent increase in deposits for the bank, which included a 56 per cent jump in the low-cost savings account balances which helped the costs. On the advances side, the bank registered a growth of 25 per cent which was five times that of the banking system, Sobti said, adding that the bank got helped majorly by the high percentage (70 per cent) of advances which were at fixed rates.