IndusInd Q4 net jumps 29%

IndusInd Bank today announced a 29.08 per cent rise in net profit to Rs 62.91 crore for the quarter ended March 2005 against Rs 48.73 crore in the corresponding quarter last year. Net profit for the year ended March 2005 has, however, dipped by 19.85 per cent to Rs 210 crore against Rs 262 crore in the previous year.

"The drop in net profit was on account of a sharp decline in treasury profits," said Bhaskar Ghose, managing director. The bank's trading profit for the year ended March 2005 dipped to Rs 57 crore against Rs 227 crore.

The board has announced a dividend of 18 per cent for 2004-05 against 22.50 per cent the previous year.

On the Bombay Stock Exchange (BSE) today, the bank scrip ended the day down 4.5 per cent at Rs 65.90 against its previous close of Rs 66.80.

Total income for the quarter was Rs 373.03 crore against Rs 320.35 crore in the corresponding quarter last year. Total income for the year ended March 2005 stood at Rs 1,385.15 crore against Rs 1,331.08 crore in March 2004.

Its other income has dipped to Rs 250 crore against Rs 344.93 crore in the year ended March 2004.

Its capital adequacy ratio as on March 2005 is at 11.62 per cent against 12.75 per cent. The implementation of Basel II will have a 80 basis point impact on the bank's capital adequacy ratio (CAR).

To support the bank's growth plan and boost its CAR, the bank plans to raise capital of over $50 million through a overseas issue, said a banking source. The issue is expected to hit the market in the second half of the current financial year (October to March 2005).

Net non-performing assets of the bank is at 2.71 per cent against 2.72 per cent in March 2004.