Karnataka Bank Q3 net profit up 27.4%

  • Karnataka Bank Q3 net profit up 27.4%

Karnataka Bank Q3 net profit up 27.4%

Private lender IndusInd Bank missed analysts estimates during the third quarter of FY18 (Q3FY18), by reporting almost 25% year-on-year (YoY) rise in net profit.

Net profit for the quarter stood at Rs936.25 crore against Rs750.64 crore a year ago. The company posted net profit at INR 936.25 crore for December quarter.

"The highlight of the quarter really was balance sheet crossed ₹2 lakh crore for the first time", said Romesh Sobti, MD & CEO IndusInd Bank, during the post-earnings media interaction.

However, the company's bad loans portfolio increased with the net NPA (non-performing assets) level at 0.46 per cent, up from 0.39 per cent reported during the corresponding period of 2016-17 and 0.44 in the second quarter of 2017-18. "All vectors for both topline and bottom line have progressed as per plan".

Its net interest margin (NIM) stood at 3.99 per cent for the current quarter as against 4 per cent in the corresponding quarter of the previous year. Other income was at Rs1,186.76 crore, up 16.72% from Rs1,016.80 crore a year ago.

The total income stood at INR 5,473.54 crore for the quarter ended 31 December 2017.

Asset quality for the quarter remained stable over the quarter with GNPA's advancing by 8 bps over previous quarter, while on yoy basis 24 bps increase was witnessed.

Shares of IndusInd Bank were trading 0.68 per cent lower at Rs 1,723 on BSE. Net NPAs were at 0.46% in the December quarter compared to 0.44% in the previous quarter and 0.39% in the same quarter a year ago. IndusInd bank's provisions and contingencies rose to Rs 236.16 crore in the third quarter compared with Rs 216.85 crore in the same period past year.