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IndusInd Bank Net Profit for the year 2016-17 up by 25% to Rs 2,867.89 crores

Posted On: 2017-04-20 21:01:59

The Board of Directors of IndusInd Bank Ltd. today approved and adopted its Audited Financial Results for the Year ended March 31, 2017.

Performance highlights for the Quarter ended March 31, 2017:

- Net Interest Income (NII) for the quarter is Rs. 1,667.45 crores as against Rs. 1,268.21 crores in the corresponding quarter of the previous year, registering a robust growth of 31%.

- Non-Interest income for the quarter is Rs. 1,211.30 crores as against Rs. 912.80 crores in the corresponding quarter of the previous year, a growth of 33%

- Core fee income for the quarter is Rs. 996.27 crores as against Rs. 774.19 crores in the corresponding quarter of the previous year, marking a growth of 29%

- Operating Profit for the quarter is Rs. 1,572.23 crores as against Rs. 1,151.19 crores in the corresponding quarter of the previous year, showing a growth of 37%.

- Net Profit for the quarter is Rs. 751.61 crores as against Rs. 620.35 crores in the corresponding quarter of the previous year, showing a growth of 21%.

- Net Interest Margin (NIM) for the current quarter is 4.00% as against 3.94% in the corresponding quarter of the previous year.

- CASA (Current Accounts- Savings Accounts) Ratio improved to 36.85% against 35.19%.
- Total Advances as on March 31, 2017 is at Rs. 1,13,081 crores as compared to Rs. 88,419 crores on March 31, 2016, recording a growth of 28%.

- Total Deposits as on March 31, 2017 is at Rs. 1,26,572 crores as compared to Rs. 93,000 crores on March 31,2016, up by 36%. Total Business at Rs. 2,39,653 crores.

- Net NPA as on March 31, 2017 is at 0.39% as against 0.36% on March 31, 2016.
- Increase in network to 1200 Branches and 2036 ATMs as on March 31, 2017 as against 1000 Branches and 1800 ATMs as on March 31, 2016.

- Bank has made one-off provision of Rs 122.00 crores against a large corporate account classified as 'Standard Advance' pursuant to specific RBI advice in this regard. The Bank's exposure which is due for repayment in June 2017 relates to a bridge loan for a Merger & Acquisition transaction in cement industry.

Performance highlights for the Year ended March 31, 2017:

- Net Interest Income (NII) for the Year ended March 31, 2017 is Rs. 6,062.60 crores as against Rs. 4,516.57 crores in the corresponding period of the previous year, registering a robust YOY growth of 34%.

- Non-Interest income is at Rs. 4,171.49 crores for the Year ended March 31, 2017 as against Rs. 3,296.95 crores in the corresponding period of the previous year, a growth of 27%.

- Core fee income is Rs. 3,488.59 crores for the Year ended March 31,2017 as against Rs. 2,809.59 crores in the corresponding period of the previous year, marking a growth of 24%.

- Operating Profit for the Year ended March 31, 2017 is Rs. 5,451.01 crores as against Rs. 4,141.42 crores in the corresponding period of the previous year, a growth of 32%.

- Net Profit for the Year ended March 31, 2017 is Rs. 2,867.89 crores as against Rs. 2,286.46 crores in the corresponding period of the previous year, showing a growth of 25 %.

- Net Interest Margin (NIM) for the Year ended March 31, 2017 is 3.99% as against 3.81% in the corresponding period of the previous year.

Commenting on the performance, Mr. Romesh Sobti, MD & CEO, IndusInd Bank said, "Reforms in the form of Government initiatives such as "Digital India", Demonetization, GST and others have buoyed the overall economy. The Government's push for Digital India has changed the way Banks do business. Digitization is a critical enabler across the organisation and will continue to be the core area of focus for us. We are ending the year with yet another quarter of consistent performance across all parameters. The acquisition of IL&FS' Securities Services subsidiary was yet another strategic move to have differentiated businesses with domain expertise. The road ahead looks very exciting and we are committed to all our stakeholders is creating value in this journey."

Shares of INDUSIND BANK LTD. was last trading in BSE at Rs.1426.9 as compared to the previous close of Rs. 1422.75. The total number of shares traded during the day was 68862 in over 2446 trades.

The stock hit an intraday high of Rs. 1443.05 and intraday low of 1403.6. The net turnover during the day was Rs. 98324556.


Source: Equity Bulls

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