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Thursday, Nov 02, 2006

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Corporate Results - Private Banks
Money & Banking - Financial Performance
IndusInd Bank net drops

Our Bureau

Mumbai , Nov. 1

IndusInd Bank's net profit has fallen 45 per cent to Rs 17.18 crore (Rs 31.49 crore) during the quarter ended September 30. "The profits were lower mainly due to absence of profit on securitisation in the second quarter and increase in the cost of deposits," said a bank statement.

Total income increased to Rs 429.01 crore (Rs 352.03 crore). Net interest income was down at Rs 65.75 crore (Rs 91.42 crore). Net interest margin dipped to 1.34 per cent (2.24 per cent). "NIM was impacted by higher interest cost and absence of securitisation profit," said the statement. Total advances stood at Rs 10,724 crore (Rs 9,082 crore) and deposits were at Rs 15,986 crore (Rs 13,913 crore).

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