Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (9113)	10/28/1999 9:33:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 12475

IndusInd Bank H1 net vaults 89% to Rs 37 cr indusind.com Paramvir Singh (FE-10/29/99) Mumbai, Oct 28: The new generation private sector IndusInd Bank has recorded a net profit of Rs 36.72 crore for the first half of 1999-2000, an 89.47-per cent jump compared to the Rs 19.38-crore net recorded in the same period last year. The unaudited financial results were taken on record by IndusInd Bank's board of directors which met in Mumbai on Thursday. "The improvement in net profit is on account of meticulous interest rate management which resulted in the near doubling of net interest margin ratio from 1.06 per cent for April-September 1998 to 2.08 per cent in the corresponding period of the current fiscal," an IndusInd release said. The bank's interest income in the six months ended September 30,1999 was higher at Rs 313.79 crore compared to Rs 274.82 crore in the first half of last year. However, the increase was primarily due to better performance in the first quarter of this fiscal. "During the second quarter of 1999-2000, the bank earned interest income of Rs 148.53 crore, up 10.15 per cent from Rs 134.85 crore interest income earned in the second quarter of the previous fiscal," the IndusInd Bank release said. However, the private sector bank's interest expenditure went up only marginally to Rs 253.81 crore during April-September 1999 from Rs 250.28 crore in the same period of 1998-99. "IndusInd bank's interest expenses remained at almost the same level although its average deposits in 1999-2000 were Rs 4,446 crore, a 21.47 per cent jump against a deposit base of Rs 3,836 crore on September 30, 1999," the bank said. IndusInd Bank's advances as on September 30, 1999 stood at Rs 2,342.79 crore against Rs 2,322.66 crore at the end of first half of 1998-99. "The bank's net worth has increased from Rs 532.07 crore in September 1998 to Rs 566.36 crore in September 1999, the highest among new generation private sector banks. IndusInd Bank is also fully geared to meet the millennium challenge and all its internal hardware and software systems are Y2K compliant," the IndusInd Bank release said.