IndusInd Bank has reported a 64.18 per cent decline in net profit in the fourth quarter ended March 31, 2003, to Rs 3.66 crore from Rs 10.22 crore in the corresponding quarter the previous year.
The decline in net profit is mainly owing to a 38.43 per cent decline in other income of the bank.
The total income has shown a decline of 8.96 per cent to Rs 290.11 crore in the fourth quarter against Rs 318.69 crore.
The interest income of the bank has shown a marginal rise to Rs 230.53 crore (Rs 221.92 crore), while the other income of the quarter declined by 38.43 per cent to Rs 59.58 crore (Rs 96.77 crore).
According to bank officials, the bank had booked sale on investment in the last quarter of 2002 and the profits in that quarter were consequently higher.
The net profit of the bank for the fiscal 2003 rose by 40.59 per cent to Rs 71.35 crore against Rs 50.75 crore the previous year.
The board of directors has recommended a dividend of 14 per cent for the year ended March 31,2003.
The results for 2003-2003, however, do not include the effect of proposed merger of IndusInd Enterprises and Finance with the bank.
