IndusInd Bank, the private sector lender, first quarter profits rose 25.67% from a year ago. Analysts were expecting profit to come at Rs 4.20 billion.
The bank reported a profit of Rs 4.21 billion for the quarter ended Jun. 30, 2014, compared with Rs 3.35 billion, a year ago.
Quarterly income totaled at Rs 28.74 billion, an increase of 20.65% over Rs 23.82 billion in the same period a year ago.
Interest earned for the quarter rose 20.14% to Rs 22.97 billion, compared with Rs 19.12 billion for the prior year period.
Operating Profit for the quarter was Rs 7.49 billion as against Rs 6.41 billion in the corresponding quarter of the previous year, showing a growth of 17%.
Net Interest Income (NII) was Rs 8 billion as against Rs 6.79 billion in the corresponding quarter of the previous year, registering a robust growth of 18%.
Net Interest Margin (NIM) for the current quarter was 3.66% as against 3.72% in the corresponding quarter of the previous year.
Core Fee Income for the current quarter was Rs 4.86 billion as against Rs 3.51 billion in the corresponding quarter of the previous year, marking a growth of 38%.
CASA (Current Accounts- Savings Accounts) Ratio is at 33% as against 30% in the corresponding quarter of the previous year.
Total Advances as on June 30, 2014 were at Rs 586.64 billion as compared to Rs 474.25 billion in the corresponding quarter of the previous year, recording a growth of 24%.
Total deposits as on June 30, 2014 were at Rs 638.93 billion as compared to Rs 556.60 billion in the corresponding quarter of the previous year, up by 15%. Total business at Rs 1,225.57 billion.
The company increased its network to 638 branches, and 1238 ATMs as against 530 branches and 1003 ATMs as on June 30, 2014.
Commenting on the performance, Romesh Sobti, MD & CEO, IndusInd Bank said, ''The Bank has delivered a healthy net profit growth of 26% for the Q1 FY15 inspite of a stagnant operating environment. The Bank’s Core Fee Income has increased by 38%.
Apart from maintaining a strong balance sheet, this quarter we announced several new initiatives namely the launch of Tractor and farm Equipment vertical, Video Branch service, and the opening of third currency chest unit at Chennai - all reflecting the Bank’s growth trajectory.''
Shares of the bank declined Rs 2.60, or 0.47%, to trade at Rs 550.10 at the BSE (2.20 p.m., Wednesday).
