NSE CODE : INDUSINDBK
Rec Price : 141.35
Indusind Bank’s corporate ambition is to reposition itself as a ‘Top 3’ performer among new generation private sector banks in 3 years, measured by Profi tability, Productivity & Efficiency.
Indusind Bank’s deposits grew by 16.14% and advances rose by 23.25%, despite the unsettled situation in the international financial markets coupled with slowdown in economic growth in India. The Operating Profit (before depreciation and provisions and contingencies) during the year under review improved to Rs.412.42 crores as against Rs.236.35 crores in the previous year, a rise of 74.50%. Bank’s Net Profit, after considering necessary provisions and contingencies and all expenses, was higher by 97.65% at Rs.148.34 crores as against Rs.75.05 crores in the previous year.
Bank has received the highest rating “A1+” for Certificate of Deposits from ICRA Ltd., while CRISIL Ltd. has assigned the highest rating of “P1+” for Certificate of Deposits as well as for Fixed Deposits (upto 1 year contracted maturity). Bank’s Lower Tier II bonds have also been rated “LA+” and Upper Tier II bonds as “LA” by ICRA Ltd., while Fitch Ratings India Pvt. Ltd. has rated the said instruments as “A (ind)” and “BBB+ (ind)” respectively.
The economic condition of major developed economies is not expected to improve in 2009, there is a belief in some quarters that the worst may be over. In India, there is a distinct improvement in sentiment due to the decisive results in the recently concluded parliamentary elections. Indusind Bank shall continue its pursuit of building its business upon strong customer franchises supported by technology-backed banking products. The outlook for Bank’s performance during the current year remains strong.
Bank had opened for subscription on June 17, 2008, the issue of 3,51,92,064 Global Depository Receipts (GDRs) to be listed in the Luxembourg Stock Exchange, each GDR representing one equity share of the Bank of the face value of Rs.10/-, fully paid. On the successful conclusion of the issue, Bank’s Paid-up Capital has risen to Rs.355.19 crores.
Business highlights 2008-09
- Total business crossed to Rs 378bn.
- Net Profit up by 98% to Rs 1.48bn.
- Net Interest income up by 53% to Rs 4.59bn
- Fee and Other Income up by 53% to Rs 4.56bn
- Net NPA at 1.14% as compared to 2.27% as on March 31, 2008
- Net worth moved to Rs 14.29bn
- Earning per share (Basic) Increased to Rs 42.8mn from Rs 23.5mn
- Capital Adequacy Ratio stood at 12.33% as against the minimum regulatory norm of 9%
- Dividend declared 12 % up from 6%
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