Private-sector IndusInd Bank Ltd. reported a higher net profit for the fourth-quarter, driven by healthy traction in both interest and fee income.
The Pune-based bank reported a fourth-quarter net profit of Rs.307.40 crore or Rs.5.78 per share, wile it reported Rs.223.38 crore or Rs.4.69 per share in the fourth-quarter of 2012. Net profit and earnings per share rose by 38 and 23 percent respectively.
For the quarter, net interest income was Rs.661.23 crore, compared with Rs.464.04 crore in the year-ago quarter, registering a 42 percent growth. Net interest margin for the quarter was 3.70 percent, compared with 3.29 percent in the prior-year quarter.
Non-interest income was Rs.367.89 crore, compared with Rs.292.05 crore in the prior-year quarter, showing a growth of 26 percent. Core fee income was Rs.344.92 crore as against Rs.263.96 crore, registering a 31 percent growth.
For the quarter, the bank's total income stood at Rs.2,190.66 crore, compared with Rs.1,773.07 crore in the corresponding quarter last year, an increase of 24 percent.
Operating profit before provisions and contingencies for the quarter grew by 43 percent to Rs.543.45 crore from Rs.379.09 crore in the corresponding quarter last year.
For the fiscal year, its net profit amounted to Rs.1,061.18 crore, compared with Rs.802.61 crore a year-ago, recording a jump of 32 percent.
Net interest income for the 12-month period rose by 31 percent to Rs.2,232.87 crore from the Rs.1,704.25 crore in the corresponding period last year. Non-interest income grew by 35 percent to Rs.1,362.96 crore from the Rs.1,011.78 crore for the 12 months ended March 31, 2012.
Core fee income for the year stood at Rs.1,239.34 crore as against Rs.913.24 crore last year, registering a growth of 36 percent.
For the 12 months, its total income increased by 31 percent to Rs.8,346.19 crore from the Rs.6,370.98 crore for the comparable period last year.
Total deposits during April-March 2013 grew by 28 percent to Rs.54,117 crore from the Rs.42,362 crore as on March 31, 2012, while total advances amounted to Rs.44,321 crore, up by 26 percent from Rs.35,064 crore as at the end of March 2012.
As on March 31 this year, gross non-performing assets stood at 1.03 percent, while net NPAs was 0.31 percent.
Capital adequacy ratio as at the end of March 2013 was 15.36 percent, up from 13.85 percent as on March 31, 2012.
The bank's Board has recommended a dividend of 30 percent or Rs.three per equity share of Rs.10 each for the fiscal year 2013, to be paid on July 1.
Commenting on the performance, MD & CEO Romesh said, "The bank has consolidated its position as a consistent performer... The bank's strategy of offering universal solutions through innovative products and services across demographics and geographies has enabled the bank to cope with the sluggish operating environment and posting encouraging numbers sequentially as well as YoY. The successful and timely conclusion of a large equity issuance of Rs.2,000 crore during Q3 has placed the bank in a comfortable position to continue pursuing the growth trajectory seen in the past 20 quarters."
At the BSE, IndusInd Bank closed Thursday's trading at a new high of Rs.450.10, up Rs.30.30 or 7.22 percent on a volume of 874,000 shares.
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