IndusInd Bank net rises 200%

By Our Banking Bureau | 03 Nov 2003

Mumbai: IndusInd Bank, a technology-driven leading new-generation private-sector bank, has posted a net profit of Rs 76.23 crore for the second quarter of the current financial year, a 200-per cent increase over its net profit figure for the corresponding period of the previous year.

The bank''s consolidated net profit for the first six months of the year also shot up by 135 per cent to Rs 100.87 crore as against Rs 42.86 crore in last year''s corresponding period. This translates into an annualised EPS of 9.16 on a post-IEFL merger enlarged equity base of Rs 220 crore.

The capital adequacy ratio of the bank stands at 17.55 per cent, as against 15.75 per cent during the last year. Says IndusInd Bank managing director Bhaskar Ghose: "This augurs well for our new growth thrust. Our aggressive marketing drive, improved cost-efficiency and dedicated teamwork have all contributed to this. I am quite confident of surpassing our targets for the year."

Ghose says sustained momentum from its treasury operations, its new retail focus, and the consolidation of its NRI and HNW base have driven the bank''s growth.

During the half-year under review, the bank''s operating profit went up by 81.77 per cent to Rs 186.57 crore from Rs 102.64 crore recorded in the corresponding period of the previous year. The operating profit was higher this time due to a reduction in the cost of deposits of the bank and profit on sale of investments.

Total provisions during the half-year ended was Rs 85.70 crore as against Rs 59.78 crore in the last year. The net interest income of the bank for the half-year ended 30 September 2003 shot up by 228 per cent to Rs 91.93 crore as against Rs 28.07 crore in the corresponding half-year of the previous year.