IndusInd Q4 net dips 32.5%

IndusInd Bank today reported a 32.47 per cent fall in net profit to Rs 14.45 crore during the fourth quarter of 2007-08 as against Rs 21.40 crore in the corresponding quarter last year due to higher provisions for bad debt and depreciation in its 'available for sale' investment portfolio.

However, the bank, promoted by the Hindujas, is firm on its plans to raise more capital through a global depository receipt (GDR) issue.

MD & CEO Ramesh Sobti said that an announcement on the GDR plans was expected by Wednesday.

The GDR issue will be up to 10 per cent of the bank's expanded equity base. Post-issue, the capital base will expand to Rs 355 crore as compared with Rs 320 crore at present, the bank informed BSE earlier.

Total income for the fourth quarter rose 20.28 per cent to Rs 591 crore. The net interest income increased 12.9 per cent to Rs 96.90 crore, while other income went up 15.2 per cent at Rs.65.51 crore.

The board has recommended a dividend of 6 per cent, same as the previous year.

The net profit for the financial year 2007-08 grew by 10 per cent to Rs 75.05 crore from Rs 68.22 crore in 2006-07. Total income for the year moved up to Rs 2,178.24 crore from Rs 1,744.39 crore in 2006-07.

Capital adequacy ratio sunk by 50 per cent to Rs 11.91 crore from Rs 12.54 crore in the last year.

The NPAs at the end of March 31, 2008 stood at 2.27 per cent, an improvement over the 2.47 per cent at the end of March 31, 2007.