Private sector lender IndusInd Bank today reported a 25 per cent jump in its March quarter net profit at Rs 495.27 crore on a healthy jump in non-interest income.
The Hinduja Group-promoted promoted bank hinted at joining the rate-cut spree, saying a downward revision in base rate is "imminent" and also announced a cut of up to 0.5 per cent in its savings bank deposits from May 1.
Its total non-interest income grew 26 per cent to Rs 658.48 crore, of which the core fee income was up 29 per cent at Rs 568.57 crore during the reporting quarter.
The core net interest income rose by a slower 18 per cent to Rs 925.14 crore.
IndusInd Bank Managing Director Romesh Sobti said that though investors are gearing up for growth, caution is still the sentiment while making investment decisions.
He hinted that the bank would continue to maintain its 25 per cent credit growth in FY 2016 too.
He said the new system of computing GDP growth has "disrupted" credit growth estimation model, under which the loan disbursals grew 2.5 times the GDP.
He said that the bank was able to maintain its net interest margin at 3.68 per cent, adding that in the medium term, it would like to push that number up to four per cent through a rebalancing of its loan book to get consumer as well as corporate advances at equal footing and increasing the share of current and savings account deposits.
