IndusInd Bank Q3FY18 results meet estimates

IndusInd Bank's Q3FY18 net profit comes at Rs 936 crore shares drop 2

Its net interest income (NII) grew by 20% to Rs. 1,895 crore on the back 25% year-on-year credit growth, while non-interest income growth was 17% to Rs. 1,187 crore. On a quarter-on-quarter basis, they fell 19.61% from Rs293.75 crore.

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. The floating provision has been considered while computing the net NPAs and provision coverage ratio (PCR). Total GNPA's for the quarter rose by 54 per cent yoy to Rs. 1,498 crore.

The large-cap bank has equity capital of Rs 599.75 crore. We believe in "responsive innovation" as our central theme. This was largely aided by 16 per cent yoy rise in interest income which stood at Rs. 4,286 crore.

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Core fee income for the quarter was Rs. 1,076.51 crores as against Rs. 884.84 crores in the corresponding quarter of the previous year, marking a growth of 22%.

"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.

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

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Apart from this, IndusInd Bank also spoke on it's agreement with two companies namely Bharat Financial Inclusion Limited (BFIL) and Infrastructure Leasing and Financial Services Ltd.

At 3.03pm, Indusind Bank shares were trading at Rs1702.75 on BSE, down 1.84% from its previous close while India's benchmark Sensex Index gained 0.13% to 34,477.79 points.

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