Private sector lender IndusInd Bank’s net profit rose 30 percent to Rs 581 crore for the quarter ended December, compared to the same period of the previous year, due to higher interest and non-interest income.
The non-interest income of the bank increased 29 per cent to Rs 839 crore, mainly driven by fee income growth which went up by 30 per cent to Rs 726 crore. Net interest income also registered robust growth of 36 per cent to Rs 1173 crore.
Net Interest Margin (NIM), of the bank for the third quarter was 3.91 per cent as against 3.67 per cent during the same period of the last year.
“We have witnessed a healthy bottomline which has been fuelled by strong revenue growth and good growth in net interest income. The growth in NII has been supported by both corporate and retail,” said Romesh Sobti, managing director and chief executive officer of the bank.
Asset quality of the bank improved during the quarter with gross non-performing asset as a percentage of gross advances came down to 0.82 per cent at the end of December, as compared to 1.05 per cent year ago.
