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IndusInd Bank Q2 profit up 30% to Rs 430 cr on other income

Net interest income, the difference between interest earned and interest expended, rose by 19 percent to Rs 833 crore in July-September quarter compared to Rs 700 crore in the same quarter last year while other income (non-interest income) shot up 34 percent to Rs 558.3 crore from Rs 416.7 crore during the same period.

The News International Team

Private sector lender IndusInd Bank ‘s net profit grew by 30.3 percent to Rs 430.2 crore (beating street expectations) in the quarter ended September 2014 led by strong other income and lower provisions. Profit in the year-ago period was Rs 330.23 crore.

According to CNBC-TV18 poll estimates, analysts had expected profit at Rs 412 crore and net interest income at Rs 826.6 crore for the quarter.

Net interest income, the difference between interest earned and interest expended, rose by 19 percent to Rs 833 crore in July-September quarter compared to Rs 700 crore in the same quarter last year while other income (non-interest income) shot up 34 percent to Rs 558.3 crore from Rs 416.7 crore during the same period. However, operating expenses increased to Rs 666.7 crore from Rs 528.75 crore Y-o-Y.

Provisions of the bank slipped to Rs 73.2 crore in the quarter ended September 2014 from Rs 110.4 crore in previous quarter and Rs 89 crore in the year-ago period.

Asset quality was stable during the quarter with the gross non-performing assets (NPA) falling marginally to 1.08 percent from 1.11 percent on sequential as well as yearly basis. Net NPA remained unchanged at 0.33 percent quarter-on-quarter but increased by 11 basis points from 0.22 percent in same quarter last year.

In absolute terms, gross NPA and net NPA was broadly unchanged on sequential basis at Rs 654.54 crore (increased from Rs 546.39 crore Y-o-Y) and Rs 195 crore (up from Rs 109.24 crore Y-o-Y) in September quarter.

At 14:23 hours IST, the stock was quoting at Rs 640.20, up Rs 16.90, or 2.71 percent on the BSE after hitting a 52-week high of Rs 648.

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