IndusInd Bank posts nearly 30% growth in net profit in Q3

IndusInd Bank reported a nearly 30% rise in net profit in the quarter-ending in December compared to the same period last year. 

According to a statement given to the BSE by the bank, it posted a 29.935 growth in net profit in the Oct-Dec period. 

The net profit of the bank grew to Rs 581.02 in Q3 FY16 from Rs 447.19 crore in the same period last year. 

The bank's total income went up by 22.06% during the quarter and grew to Rs 3,766.7 crore in Q3 FY16 from Rs 3,085.95 crore in Q3 FY15.

The net interest income (NII; difference between interest earned and interest expended) of the bank increased by 36.23% to Rs 1,173.42 crore in Q3FY16 from Rs 861.37 crore in Q3FY15.

However, IndusInd's non-performing assets (NPAs) also grew in the quarter. The gross NPAs of the bank rose by 1.26% to Rs 681.13 crore in Q3FY'16 from Rs 672.66 crore in the corresponding period last year. The net NPAs saw a much larger increase of 35.65% as it rose to Rs 273.34 crore in Q3 FY16 from Rs 201.51 crore in Q3 FY15.

The total expenditure of the bank saw a double digit rise during the quarter, up 17.02%. IndusInd Bank's total expenditure increased to Rs 2,705.72 crore in Q3FY16 from Rs 2,312.11 crore in the same period last year.   

IndusInd Bank shares on BSE at 1521 hours were trading down 2.51%, or Rs 23.55 at Rs 914.05 per piece.