IndusInd Bank records 17% increase in Q3 net profit

Mumbai: IndusInd Bank on Thursday reported a 17.3 per cent increase in its standalone net profit at Rs 2,297.8 crore for the October-December quarter of the current financial year on the back of a strong growth in loans.

The bank had clocked a net profit of Rs 1,959.2 crore in the same quarter last year.

Loans grew by 20 per cent to Rs 3,27,057 crore over the same quarter of the previous year, while deposits recorded a 13 per cent growth. The net interest income for the quarter rose by 18 per cent to Rs 5,296 crore.

The bank's asset quality also improved with gross non-performing assets (NPAs) coming down to 1.92 per cent from 2.06 per cent recorded in the same quarter last year. On the other hand, net NPA for the quarter stood at 0.57 per cent, improving from 0.662 per cent on a year-on-year basis.