Mumbai: Hinduja-group promoted private sector lender, IndusInd Bank on Tuesday reported a 29 per cent growth in net profit at Rs 447.2 crore for three months ended December 2014, driven by higher other income.
Profit in the same quarter a year ago stood at Rs 346.9 crore.
Net interest income (NII) grew 18 per cent to Rs 861.37 crore. Other income grew 27 per cent to Rs 610.75 crore from Rs 480.27 crore on higher fee income from sale of life and non-life insurance products and mutual funds.
The bank's net interest margin improved slightly to 3.67 per cent from 3.65 per cent, while low-cost CASA (current and savings account) deposits stood at 34 per cent.
Net NPAs (Non-Performing Assets) of the bank stood flat at 0.32 per cent during the reporting period despite a couple of corporate loans getting restructured during the reporting period.
"Growth in the bottom-line during the reporting period was due to factors like improved NIM (Net Interest Margin), diversified income stream and active cost management," said IndusInd Bank Managing Director and Chief Executive Officer Romesh Sobti.
Nearly half of the net slippage amounting to Rs 18 crore during the reporting period came from vehicle finance segment alone, he added.
Wholesale loan comprises 58 per cent of the bank's loan book, the balance 48 per cent goes to retail loan. The bank has 727 branches at present and it plans to increase it to 800 by March.
Shares of IndusInd Bank fell 1.06 per cent to end at Rs 822.55 apiece on the BSE.
