Home BusinessIndusind Bank Q2 net zooms 131% at Rs 77.8 cr
Indusind Bank has clocked a 131 per cent jump in net profit at Rs 77.82-crore in Q2 FY10 as against Rs 33.66-crore in year-ago period.
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"The bank has maintained its growth momentum and more than doubled its net profit and operating profit in Q2 FY10. Both fee and interest income boosted the bank"s profit after tax," IndusInd Bank"s Managing Director Romesh Sobti told reporters here today.
Net interest margin improved to 2.86 per cent as against 1.68 per cent and return on equity jumped to over 15 per cent as against 9.4 per cent on a year-on-year basis, Sobti said.
The bank expects to maintain net interest margin at 2.86 per cent in the October-December quarter.
"We may see a slight drop in the cost of deposits, while yield on advances will be the same, helping us maintain the net interest margin," Sobti said.
The bank"s operating profit moved up by 132 per cent at Rs 155.32-crore in Q2 FY10 as compared to Rs 67.09-crore in the same period last year.
Standalone net interest income (NII) was Rs 208.55-crore as compared to Rs 105.24-crore in the corresponding quarter of the previous year, registering a robust growth of 98 per cent. The total non-interest income moved up by 49 per cent at Rs 132.35-crore in Q2 FY10.