According to the lender, its net profit during the quarter under review rose to Rs 936.25 crore - up 24.72 per cent - from Rs 750.64 crore reported for the corresponding period of last fiscal. "All vectors for both topline and bottom line have progressed as per plan", said Romesh Sobti, Managing Director and CEO, IndusInd Bank. The bank's capital adequacy remained strong for Q3FY18 at 15.83 per cent compared to 15.31 in the previous year's corresponding quarter.
The better earnings came on the back of a robust 20 per cent rise in net interest income (NII is interest earned minus interest expended) at Rs 1,894.81 crore against Rs 1578.42 crore in the year-ago period.
Provisions for the quarter rose by 9 per cent yoy and declined 19 per cent qoq to Rs. 236 crore in Q3FY18. We believe in "responsive innovation" as our central theme.
Non Interest income for the quarter was Rs. 1,186.76 crores as against Rs. 1,016.80 crores in the corresponding quarter of the previous year, a growth of 17 %.
Operating Profit for the quarter was Rs. 1,664.69 crores as against Rs. 1,363.34 crores in thecorresponding quarter of the previous year, showing a growth of 22 %.
Net NPAs as a percentage of advances rose by seven basis points to 0.46 per cent on a y-o-y basis while on a sequential basis, it rose marginally by two basis points.
As far as the merger with Bharat Financial Inclusion is concerned, Sobti said the bank has already received approval from the Competition Commission of India, and is awaiting other approvals.