IndusInd Bank Q2 net profit up 25.75% to Rs 704 crore

Private sector lender IndusInd Bank on Wednesday posted 25.75 per cent increase in net profit to Rs 704 crore for the second quarter ended September 30, 2016.

The bank had recorded a net profit of Rs 560 crore in the July-September quarter of last financial year, IndusInd Bank said in a BSE filing.

The total income of the lender also increased to Rs 4,439.72 crore during the quarter under review, as against Rs 3,581.31 crore over the corresponding period of 2015-16.

The gross non-performing assets (NPAs) of the bank increased to 0.90 per cent of the total advances, from 0.77 per cent at the end of second quarter of 2015-16.

Similarly, net NPAs rose to 0.37 per cent from 0.31 per cent of the total assets.

The bank set aside Rs 214 crore as provisions, against Rs 158 crore in the year-ago quarter.

The net interest margin (NIM), the difference between the interest charged on loans and the interest paid on deposits, was 0.37 per cent in the second quarter of the current financial year against 3.97 per cent in the year-ago quarter.

The net profit in the first half of the current financial years rose 25.85 per cent to Rs 1,365.64 crore against Rs 1,085.05 crore in the year-ago period.