IndusInd Bank slips in volatile trade

IndusInd Bank slips in volatile trade

Karnataka Bank today reported a 27.5 per cent rise in net profit at Rs 87.38 crore for the third quarter ended December 2017 even though provision for bad loans increased. 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.

A Bloomberg poll of experts projected IndusInd Bank to be around Rs 943 crore in Q3FY18.

Net interest income (NII), or the core income a bank earns by giving loans, increased 20.04% to Rs1,894.81 crore versus Rs1,578.42 crore a year ago.

However, IndusInd Bank witnessed a small rise in the gross NPA ratio, which went up to 1.16 per cent from 0.94 per cent in the same quarter previous year due to reverses in loans against property, commercial loans and corporate loans.

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IndusInd Bank managing director and CEO Romesh Sobti pointed out that the balance sheet size of the bank has crossed Rs 2 lakh crore for the first time. Gross and NPAs were at ₹1,784.31 crore and ₹1,262.96 crore, respectively in Q3 of 2017-18 against ₹1,560.23 crore and ₹1,065.66 crore in third quarter of 2016-17, respectively. Other income was at Rs1,186.76 crore, up 16.72% from Rs1,016.80 crore a year ago.

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.

Provisions and contingencies rose 8.9% to Rs236.16 crore in the quarter from Rs216.85 crore a year ago.

Shares of IndusInd Bank were trading 0.68 per cent lower at Rs 1,723 on BSE.

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