IndusInd Bank net dips 44%

BS 200 SCORECARD

IndusInd Bank's today announced a 44.28 per cent dip in its net profit to Rs 42.95 crore in the quarter ended December 31, 2004 against Rs 77.09 crore in the corresponding period last fiscal.

Its total income stood at Rs 317.60 crore, up 22.43 per cent against Rs 259.41 crore in December 2003. The drop in the net profit was mainly on account of rise in total expenditure and sharp fall in treasury income.

The bank's total expenditure was up 59.78 per cent to Rs 230.54 crore in the quarter ended December 31 against Rs 144.28 crore in the corresponding fiscal last quarter.

Its treasury income was down to Rs 8.06 crore against Rs 130.33 crore in the corresponding period last fiscal. Bhaskar Ghose, managing director, said the dip in profits was mainly on account of fall in treasury income and high expenditure incurred by the bank towards conversion of erstwhile Ashok Leyland Finance branches into bank branches.

The bank's net profit for the nine months ended December 31, 2004, also dipped by 19.40 per cent to Rs 147.24 against Rs 177.96 crore. Its total income during the same period was up 31 per cent at Rs 1012.12 crore compared to Rs 770.90 crore in the same period last fiscal.

The unaudited results for the quarter ended December 31, 2004 include results of operation of the erstwhile Ashok Leyland Finance Ltd (ALFL) for the said quarter and consequently are not comparable with those of the corresponding quarter of the previous year said the bank.

Its net interest income in the quarter ended December 31 rose by 82.14 per cent to Rs 101.18 crore against Rs 55.55 crore in the corresponding period last fiscal. Other income has also dipped by 49.67 per cent to Rs 46.69 crore against Rs 92.77 crore in the corresponding fiscal last fiscal.