IndusInd Q1 net soars 85% to Rs 45.48 cr

BS 200 SCORECARD

IndusInd Bank's net profit for the quarter ended June 30, 2004, rose by 84.57 per cent to Rs 45.48 crore against Rs 24.64 crore in corresponding quarter of the previous year.

Income from retail and corporate operations grew 43.41 per cent to Rs 275.99 crore (Rs 156.18 crore). Treasury profits fell to Rs 107.90 crore (Rs 115.18 crore). IndusInd Bank joint managing director S Nagarajan said retail loans written in the first quarter are to the tune of Rs 840 crore.

"There has been encouraging growth witnessed in fresh retail advances. The composition of the bank's retail portfolio has gone up to 50 per cent from 5 per cent last year. In the coming months, the bank intends to expand its product offerings to customers of the erstwhile ALF," he added.

The bank's other income decreased to Rs 57.55 crore (Rs 60.88 crore). Total income increased 51.12 per cent to Rs 337.30 crore (Rs 223.20 crore). Operating profit was up by 50.38 per cent to Rs 88.91 crore (Rs 59.12 crore). Advances were at Rs 6,243.07 crore (Rs 3,825 crore) while total deposits were at Rs 11,272.04 crore (Rs 7,468.59 crore).