Financial Daily from THE HINDU group of publications
Wednesday, Jun 30, 2004
Money & Banking
Corporate Results - Private Banks
IndusInd Bank net leaps post-merger
Mr Bhaskar Ghose, Managing Director & CEO, Induslnd Bank (right), and Mr S. Nagarajan, Joint Managing Director, announcing the company's annual results in Mumbai on Tuesday. Shashi Ashiwal
Mumbai , June 29
INDUSIND Bank has reported a manifold jump in its net profit to Rs 48.73 crore for the fourth quarter ended March 31, 2004 thanks to the merger with group company, Ashok Leyland Finance Ltd (ALFL).
In the corresponding period of the previous year, the net profit - although not comparable - was at Rs 3.66 crore.
For the full year, the combined entity posted a net profit of Rs 262.07 crore, up from Rs 90.17 crore earlier.
For the fourth quarter, total income rose by over 100 per cent to Rs 320.35 crore (Rs 290.11 crore). Net interest income fell to Rs 69.35 crore (Rs 97.44 crore), while other income rose by 26 per cent to Rs 74.91 crore (Rs 59.98 crore).
Advances grew by 46 per cent in the full year to Rs 7,812 crore (Rs 5,348 crore), about 50 per cent of which are retail assets.
The merged entity has a total asset base of Rs 15,000 crore with Rs 4,200 crore coming in from ALFL.
"The bank plans to raise Rs 70-75 crore in this fiscal to fund its growth plans,'' said Mr Bhaskar Ghose, Managing Director, at a news conference on Tuesday.
Net NPAs as a percentage to net advances stood lower at 2.72 per cent from 4.25 per cent earlier. Net NPAs in terms of numbers stood at Rs 220 crore.
IndusInd Bank has applied to convert over 130 branches of Ashok Leyland Finance Ltd into its bank branches following the merger of the two. Meanwhile, the bank is also open to acquiring more NBFCs. "NBFCs would be the ideal fit for us and we are interested in more acquisitions but nothing is on the radar screen for the moment until the matters of the present merger settles down,'' said Mr Ghose.
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