Full Year Net Profit up by 136% to Rs. 350.31 crore; Net NPA down to 0.5% & ROA for the full year stands at 1.14%
The Board of Directors of IndusInd Bank Ltd. today approved and adopted its Audited Financial Results for the fourth quarter and full year ended March 31, 2010.
Performance highlights for the quarter ended March 31, 2010 are:
- Net Interest Income (NII) was Rs 272.79 crore as compared to Rs 144.27 crore in the corresponding quarter of the previous year, registering a robust growth of 89%.
- Operating Profit for the quarter was Rs 200.48 crore as against Rs 151.29 crore in the corresponding quarter of the previous year, up by 33%.
- Net Profit for the quarter was Rs 97.96 crore as against Rs 50.52 crore in the corresponding quarter of the previous year, spectacular jump by 94 %.
- Net Interest Margin (NIM) for the current quarter was 3.19% as against 2.33 % in the corresponding quarter of the previous year.
- Capital Adequacy Ratio as on March 31, 2010 was 15.33 % as against 12.55 % at the end of March 31, 2009.
Performance highlights for the 12-month period ended March 31, 2010 are:
- Net Interest Income (NII) was Rs. 886.41 crore as compared to Rs 459.03 crore in the corresponding period of the previous year, up 93%.
- Operating Profit for the 12-month period ended March 31, 2010 was Rs 703.89 crore as against Rs 368.25 crore in the corresponding period of the previous year, up 91%.
- Net Profit for the year ended March 31, 2010 was Rs 350.31 crore as against Rs 148.34 crore in the corresponding period of the previous year, recording a jump of 136 %
- The CASA (Current Accounts-Savings Accounts) ratio improved to 23.67 % as against 19.24% in 2008-09.
- The Net NPA of the Bank was 0.50% as compared to 1.14 % as on March 31, 2009.
- The Total Deposits of the Bank increased from Rs 22,110 crore as on March 31, 2009 to Rs. 26,710 crore as on March 31, 2010 recording a growth rate of 21% for the year.
- Total Advances for the year stood at Rs. 20551 crore, recording a growth of 30% as against Rs 15,771 crore recorded in the last year.
- The full year EPS works out to Rs 9.01 as against Rs 4.28 in the previous year.
- Net worth moves to Rs 2165.60 crore
- In Q4, FY 2009-10, the Bank raised Rs 420 crore through Tier II bond issue.
Commenting on the performance, Mr. Romesh Sobti, MD & CEO, IndusInd Bank said, “In 2009-10, the Bank continued to improve on all fronts. Profits, Net Interest Margins, CASA, CAR have all gone up even as the net NPA level was brought down to 0.5% from 1.14% as on March 2009. A successful QIP issue in Q2 and a bond issue in Q4 have enabled IndusInd Bank to post a healthy Capital Adequacy Ratio of 15.33% as per Basel II Guidelines, which will enable the Bank to sustain its growth momentum.”
About IndusInd Bank
IndusInd Bank, which commenced its operations in 1994, caters to the needs of both Consumer & Corporate customers. It has a robust technology platform supporting multi - channel delivery capabilities. The Bank enjoys a patronage of 2 million customers and has a network of 210 branches and 497ATMs spread over 168 geographical locations in 28 states and union territories across the country. The Bank also has Representative Offices in Dubai and London.
The Bank is driven by the state-of-the-art technology since its inception. It has multi-lateral tie-ups with other banks providing access to more than 21000 ATMs for its customers. It enjoys clearing bank status for both major stock exchanges - BSE and NSE - and three major commodity exchanges in the country - MCX, NCDEX, and NMCE. It also offers DP facilities for stock and commodity segments. The Bank has been bestowed with the mandate of being a Settlement Banker for tea auctions at Kolkata, Siliguri, Coonoor, Coimbatore and Guwahati.
In a pioneering initiative in 'Green Banking' project, the Bank became the first bank in Maharashtra to open a solar-power ATM. Subjects like sustainable development, social responsibility and climate change are fast becoming part of the corporate vocabulary and IndusInd is at the forefront of this change in the Indian banking sector.
In Q4, the Bank received a series of awards commencing with the prestigious ‘Technology Bank of the Year-2009’ award in the private and foreign bank category from the Indian Banks’ Association (IBA). The State Forum of Bankers Clubs, Kerala, bestowed the “Excellence Award”, as the second best new generation Bank in Kerala. Recently, it has also been recognized as the Bank with the Best Credit Quality in FE India’s Best Banks, a publication brought out in support by Ernst & Young, reflecting the robustness of Bank’s credit assessment systems.
The Bank has been awarded the highest P1+ rating for its Fixed Deposits and Certificates of Deposit by CRISIL.
Recently, CRISIL has reaffirmed its P1+ rating of IndusInd Bank's fixed deposits and certificates of deposit program. This reflects significant improvement in its asset quality. The rating also factors in the Bank's resources and earnings profile, and average capitalisation levels
