IndusInd Bank's net profit surges 31.1% to Rs 236 crore

IndusInd Bank reported 31.1 percent rise in net profit at Rs 236.3 crore for the first of quarter of this financial year.

The private sector bank’s profit was Rs 180.2 crore in the corresponding period of the previous fiscal. The bank’s total income during the quarter under review rose by 41.4 percent to Rs 1,950.8 crore from Rs 1,379.98 crore in the year-ago period, IndusInd Bank said in a BSE filing.

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The net interest margin (NIM) was 3.2 percent in the April-June period, down 3.4 percent in the corresponding period last year.

“The Bank has coped well in a deteriorating operating environment to deliver a healthy growth in the bottom line and balance sheet while maintaining the quality of the loan book,” IndusInd Bank MD and COO Romesh Sobti said in a statement.

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While total deposits as of 30 June, 2012 were at Rs 45,075.9 crore, total advances were at Rs 37,244.5 crore. Net interest income (NII) increased by 24 per cent to Rs 484.1 crore during the first quarter.

Shares of the bank ended at Rs 342.50 apiece on the BSE today, down 0.3 per cent from previous close.

PTI