IndusInd Bank Q1FY 17 Net Profit up by 26 % to Rs 661.38 crores
Posted on Monday, July 11th, 2016 | By IndusInd Bank
Highlights Q1 FY 2017
- Key performance vectors remain stable
- Net Interest Income Y-o-Y up 38%
- Non Interest Income Y-o-Y up 28%
- Net Interest margin at 3.97%
- Provision Coverage Ratio (PCR) at 59%
- Provision Coverage Ratio (PCR) at 59%
- Capital Adequacy Ratio (CRAR) at 15.42%
Mumbai, July 11 2016: The Board of Directors of IndusInd Bank Ltd. today approved and adopted its Unaudited Financial Results for the first quarter ended June 30, 2016.
Performance Highlights at a Glance:
Performance highlights for the Quarter ended June 30, 2016 are:
- Net Profit for the quarter was Rs. 661.38 croresas against Rs. 525.04 crores in the corresponding quarter of the previous year, showing a growth of 26%.
- Operating Profit for the quarter was Rs. 1,233.79 crores as against Rs. 922.72 crores in the corresponding quarter of the previous year, showing a growth of 34%.
- Net Interest Income (NII) was Rs. 1,356.42 crores as against Rs. 980.66 crores in the corresponding quarter of the previous year, registering a robust growth of 38%.
- Net Interest Margin (NIM) for the current quarter was 3.97 % as against 3.68 % in the corresponding quarter of the previous year.
- Net NPA was at 0.38% as compared to 0.31% as on June 30, 2015 and 0.36% as on March 31, 2016.
- CASA (Current Accounts-Savings Accounts) Ratio is at 34.43% as against 34.68 % in the corresponding quarter of the previous year.
- Total Advances as on June 30, 2016 were at Rs.93,678 crores as compared to Rs. 72,243 crores in the corresponding quarter of the previous year, recording a growth of 30%.
- Total deposits as on June 30, 2016 were at Rs. 1,01,768 croresas compared to Rs. 77,693 crores in the corresponding quarter of the previous year, up by 31%. Total Business at Rs.1,95,446 crores.
- Increase in network to 1004 Branches and 1885 ATMs as against 811 Branches and 1543 ATMs as on June 30, 2016.
- On June 28, 2016 Bank has commenced operations in International Finance Service Centre (IFSC) Banking Unit in Gujarat International Finance Tec City (GIFT).
Commenting on the performance, Mr. Romesh Sobti, MD & CEO, IndusInd Bank said, “We have started the year on a strong note with all key performance vectors upwardly trended. Apart from the robust financials, during the Quarter, the Bank continued its focus on digitising its customer offerings by launching a market first service – “Finger Print” mobile banking. To sustain and strengthen our leadership in Consumer Finance Business, there were a series of strategic alliances made in two wheeler and three wheeler financing segment to offer convenience and added benefit to our customers. In summary, we have started our first Quarter with consistent numbers and remain positive about the future.”
About IndusInd Bank
IndusInd Bank, which commenced operations in 1994, caters to the needs of both consumer and corporate customers. Its technology platform supports multi-channel delivery capabilities. As on June 30, 2016, IndusInd Bank has 1,004 branches, and 1885 ATMs spread across 625 geographical locations of the country. The Bank also has representative offices in London, Dubai and Abu Dhabi. The Bank believes in driving its business through technology. It enjoys clearing bank status for both major stock exchanges – BSE and NSE – and major commodity exchanges in the country, including MCX, NCDEX, and NMCE. IndusInd Bank on April 1, 2013 was included in the NIFTY 50 benchmark index. Recently, IndusInd Bank ranked 13th amongst the Top 50 Most Valuable Indian Brands 2015 as per the BrandZ Top 50 rankings powered by WPP and Millward Brown.
- ICRA AA+ for Lower Tier II subordinate debt program by ICRA
- ICRA AA for Upper Tier II subordinate debt program by ICRA
- CRISIL A1+ for certificate of deposit program by CRISIL
- IND A1+ for Short Term Debt Instruments by India Ratings and Research
- IND AA+ for Lower Tier II subordinate debt program by India Ratings and Research
- IND AA for Upper Tier II subordinate debt program by India Ratings and Research
- IND AA+ for Senior unsecured bonds program by India Ratings and Research
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For more details on this release, please contact:
IndusInd Bank Ltd.
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