IndusInd Bank net jumps 25% on robust CV loan demand
A robust loan demand driven by those for commercial vehicles, and a dip on cost of funds due to a near doubling of its Casa deposits boosted private sector lender IndusInd Bank's net by 25 per cent to Rs 880.10 crore for the three months to September.
The Hinduja Group promoted bank said its mainstay commercial vehicle loan book grew 25 per cent, helping the overall loan growth to 18 per cent, helping the bank report strong numbers. Bottomline was also helped by a stable asset quality and lower operational cost coupled with lower cost to income ratio on the back of a savings deposit growth of 95 per cent. Romesh Sobti, managing director of the bank, said total income rose to Rs 5,395.92 crore from Rs 4,439.72 crore.
Gross non-performing assets marginally rose to 1.08 per cent of the total advances, from 0.90 per cent a year ago, as the bank had to provide for Rs 36 crore for the six of the 28 accounts that RBI had referred to the NCLT for resolution. Similarly, net NPAs rose to 0.44 per cent from 0.37 per cent in same quarter a year ago. Consequently, the bank made higher provisioning of Rs 294 crore compared to Rs 214 crore in the year-ago quarter.
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