Millennium Post

IndusInd Bank’s Q4 net profit increases 25%

Private sector lender IndusInd Bank on Thursday reported a 25 per cent jump in 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 fiscal 2015-16 too.

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