IndusInd net dips 47%

BS 200 SCORECARD

IndusInd Bank posted a 46.54 per cent fall in net profit at Rs 31.49 crore for the July-September quarter of 2005 as against Rs 58.91 crore in the corresponding quarter last fiscal.

Total income also remained flat at Rs 352.03 crore from Rs 357.22 crore. "The ongoing integration process of Ashok Leyland Finance Limited (ALFL) has dampened the profits with costs overpowering bank's revenues," said the bank's managing director, Bhaskar Ghose.

The Mumbai-based bank's operating exepenses surged by 21.13 per cent at Rs 77.5 crore (Rs 63.98 crore). The conversion of ALFL outlets into branches coupled with additional recruitment of manpower stepped up bank's operating expenses, said Ghose.