K. ARAVIND
Founded in 1994, IndusInd Bank is one of the leading private sector banks in India today. The bank’s products and services can be broadly divided into three categories — Personal Banking, NRI Banking and Business Banking.
IndusInd Bank is the first bank in India to be ISO 9001: 2000 certified for its corporate office and entire banking network. In 2004, Ashok Leyland Finance merged with Indus Ind Bank. At present, IndusInd Bank has 1,320 branches and 2,162 ATMs.
IndusInd Bank has put up good performance in the current financial year. The bank’s net profit rose 5 per cent to Rs 985.03 crore in the second quarter, compared to Rs.936.25 crore during the same period last year. Net interest income stood at Rs.2,287 crore. Net interest income grew by 21%. The bank reported better-than-expected profit growth in the second quarter.
The bank’s non-performing assets (NPAs) increased during the second quarter. Total NPAs increased from 1.09 per cent to 1.13 per cent. Net non-performing assets increased from 0.48 per cent to 0.59 per cent. Due to the increase in the balance on bad debts to Rs.607 crore, it was not possible to achieve adequate growth in profits.
IndusInd Bank is the best private bank that keeps things in balance in the business. IndusInd Bank has been able to establish a strong presence and diversify its presence in corporate banking and retail banking.
Banking is one of the most promising sectors in the coming years. IndusInd Bank is a stock that can be considered by those who want to invest for the long term in view of the potential for high growth in the sector.
