IndusInd Bank’s Q1 net profit up 26%

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Mumbai, July 11 (IANS) Lending major IndusInd Bank on Tuesday reported a rise of 26 per cent in its net profit for the first quarter (Q1) of 2017-18.

According to the lending major, its net profit during the quarter under review rose to Rs 836.55 crore from Rs 661.38 crore reported for the corresponding period of last fiscal.

“The quarter saw the momentum of the economy gradually picking up as the process of remonetisation moved towards completion,” Romesh Sobti, MD and CEO, IndusInd Bank was quoted as saying in a statement.

“With consumption activity slowly picking up, there is a sustained rise in credit uptake. Against the challenging environment, the bank has shown consistent performance, riding on the positive sentiment in the economy.”

Beside, IndusInd Bank reported that its net interest income (NII) for Q1 augmented by 31 per cent to Rs 1,774.06 crore from Rs 1,356.42 crore in the corresponding quarter of the previous year.

“Net Interest Margin (NIM) for the current quarter is 4.00 per cent as against 3.97 per cent in the corresponding quarter of the previous year,” the statement said.

“Net NPA (non performing asset) as on June 30, 2017 is at 0.44 per cent as against 0.38 per cent on June 30, 2016.”

–IANS

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