IndusInd Bank reports 23.5% jump in increase 2Q NNI

IndusInd Bank reports 23.5% jump in increase 2Q NNIPrivate sector lender IndusInd Bank on Wednesday reported a jump of 23.5 per cent in net interest income (NNI) for the three months ended September 30, 2012.

Mumbai-based IndusInd Bank announced that its net interest income soared to Rs. 518 crore in the second quarter of 2012, as compared with net interest income Rs. 419 crore in the corresponding period of previous year.

Net profit jumped 29.6 per cent, from Rs. 193 crore in the second quarter of 2011 to Rs. 250 crore in the second quarter of this year. IDFC Securities had projected IndusInd Bank's September quarter net profit to be nearly Rs 249 crore, almost 29 per cent up from the year ago period.

From the previous quarter, net interest income jumped 7 per cent while net profit climbed 5.9 per cent.

Deposits and advances jumped 24.5 per cent and 30.8 per cent year-on-year, respectively, in the quarter through September respectively. The bank lent 45 per cent more loans to retail customers from a year ago period. However, the figure is marginally less than the 48 per cent year-on-year growth that the lender enjoyed in the June quarter.

Net non-performing assets (NPA) slipped from 0.31 per cent of advances in the previous year's September quarter to 0.29 per cent in the same quarter of this year. However, the lender also saw a slight jump in net non-performing assets over the previous quarter.