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13 January 2018, 04:24 | Cesar Cruz
As a percentage of total loans gross NPAs stood at 1.16% as compared to 1.08% in the previous quarter and 0.94% in the year-ago quarter
Mumbai:IndusInd Bank on Thursday posted a mixed set of numbers when the private sector lender reported December quarter net profit in line with expectations but witnessed a marginal rise in bad loans.
Total income of the lender also increased to Rs 5,473.54 crore during the quarter under review, up 16.05 per cent as against Rs 4,716.13 crore over the corresponding period of the previous fiscal, IndusInd Bank said in a BSE filing.
"The highlight of the quarter really was balance sheet crossed Rs. 2 lakh crore for the first time", said Romesh Sobti, MD & CEO IndusInd Bank, during the post-earnings media interaction.
IndusInd Bank reported its quarterly results which were in-line with street estimates for Q3FY18.The bank's asset quality weakened while profitability improved on a quarterly basis.
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Net Interest Margin (NIM) remained subdued in Q3FY18 to 3.99%, compared to 4% each witnessed in Q3FY17 and Q2FY18 respectively. Compared with the second quarter of FY18, gross NPAs rose by eight basis points. The operating profit of the bank rose 22.1 per cent to Rs 1,664.69 crore.
"In spite of the growth in balance sheet of 25%, we have seen increase in return on assets, which went up from 1.9% last quarter to 1.96% this quarter". We saw a 34% increase in our disbursements on overall vehicle finance. It had recorded a net profit of Rs 750.64 crore in the year-ago period.
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.
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He also raised concern over "disinformation" being spread through social media, and through religious schools and mosques. Asked about Chinese incursions, he said, "We will not allow our territory to be invaded by anyone".
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On Tuesday, Islamabad also summoned the US Ambassador David Hale , with details of that meeting not yet released. Pakistan's ambassador to the United States, Aizaz Chaudhry, arrived in Pakistan to attend the NSC meeting.
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He said: "During Jonathan's administration these killings were not spread in the country as witnessed now". "I think Mr. The governor also rejected the suggestion for the state to create a cattle colony or grazing routes for herdsmen.