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IndusInd Bank’s Q4 net profit up 27%

IndusInd Bank’s Q4 net profit up 27%

Mumbai: Lending major IndusInd Bank on Thursday reported a 27 per cent increase in net profit for the fourth quarter (Q4) of 2017-18.

Its net profit during the quarter under review rose to Rs 953.09 crore from Rs 751.61 crore reported for the corresponding period of last fiscal.

The bank said that its net interest income (NII) for the said quarter grew by 20 per cent to Rs 2,007.59 crore from Rs 1,667.45 crore earned during the corresponding quarter of the previous year.

On a financial year basis, the bank reported a growth of 26 per cent in its net profit for the year ended March 31, 2018, to Rs 3,605.99 crore from Rs 2,867.89 crore for the previous year.

The 2017-18 NII increased by 24 per cent to Rs 7,497.45 crore from Rs 6,062.60 crore for the previous year.

Romesh Sobti, MD and CEO, IndusInd Bank, said: “The year 2017-18 has been a challenging year for the banking sector. In this environment, our bank has sustained its growth story and maintained momentum in its financial numbers, which have grown steadily.”

IANS