Private sector lender IndusInd Bank Ltd on Tuesday said its net profit for the quarter ended 31 December 2015 jumped 30% on strong growth in its core operating income and other income.
Net profit for the quarter stood at Rs581.02 crore compared to Rs447.19 crore—an increase of 29.9%. A poll of 22 Bloomberg analysts had pegged net profit at Rs579.10 crore.
Net interest income, or the core income from lending businesses, rose 36.23% to Rs1,173.42 crore in the October to December quarter compared to Rs861.37 crore in the year-ago period. Other income, which includes earnings from fee-generating businesses, rose 29% to Rs839 crore from Rs649 crore in the year-ago quarter.
Asset quality at the bank remained largely steady although the bank increased provisions during the quarter.
Gross non performing assets (NPAs) at the end of the quarter were at 0.82% of total loans compared to 0.77% in the July-September quarter and 1.05% in the year-ago period.
Net NPAs stood at 0.33% compared to 0.31% in the quarter ended 30 September 2015 and 0.32% in the same period last year.
During the quarter the bank set aside Rs177 crore in the form of provisions compared to Rs158 crore in the previous quarter and Rs98 crore in the year-ago quarter. A number of banks have been setting aside additional provisions as a counter cyclical buffer.