IndusInd Bank on Wednesday reported a 58 percent increase in its December quarter net profit to Rs 1,964 crore, driven by improvements in asset quality and core income.
The private sector lender’s net interest income grew 18per cent to Rs 4,495 crore, driven by a 19 per cent loan growth and a 0.17 per cent widening in the net interest margin to 4.27 per cent.
Other income grew to Rs 2,076 crore during the October-December period from Rs 1,877 crore in the year-ago period. This included an 11 percent growth in the total fee income to Rs 2,077 crore, the bank said.
The bank was able to post a 14 per cent increase in the overall deposits driven by the retail deposits amid a wide divergence in the credit-deposit growth numbers in the system which has triggered what some bankers call a war for deposits. Overall provisions came down to Rs 1,065 crore from Rs1,654 crore in the year-ago period, helping the bottom line.
On the asset quality front, IndusInd Bank’s gross non-performing assets ratio improved to 2.06 per cent from 2.11 per cent three months ago and 2.48 per cent in the yearago period.
Central Bank
State-owned Central Bank of India on Wednesday reported a 64 per cent jump in profit at Rs 458 crore for December quarter, aided by a decline in bad loans and improvement in net interest income (NII).
The Mumbai-based bank had posted a net profit of Rs279 crore a year ago. The bank’s total income increased to Rs 7,635.71 crore in October-December 2022-23 from Rs 6,523.78 crore a year ago, it said in a regulatory filing. NII was higher by 20 percent to Rs 3,285 crore during the quarter under review.
Operating profit grew 44.21 per cent to Rs 1,807 crore against Rs 1,253 crore in the third quarter of FY2022, it said.
