The Hindu Business Line : 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.

More Stories on : Financial Performance | Private Banks

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
SBT loan for rainwater harvesting

CanBank stress on farm credit

Rupee breaches 46; gilts down

IDBI gains on value buying ahead of universal bank status

IndusInd Bank net leaps post-merger

PSU insurers unhappy with TPAs — Mounting claims ratio, poor customer service

`Special defences must for financial stability'

RBI policy review may be sooner than later

DhanBank renovates Alappuzha branch

BNP Paribas trims net loss to Rs 13 cr

ABN-Amro launches asset management co

Fed rate could go up 50 bps

Govt announces sale of floating rate bonds for Rs 6,000 cr