IndusInd Bank has announced that it has entered into an agreement with IL&FS Limited to acquire 100% of the latter’s subsidiary IL&FS Securities Services Ltd., (ISSL).ISSL, which was incorporated in 2007, is a capital market intermediary for professional clearing, depository and custodial services and caters to both retail and institutional clients including over 1000 brokers, FPIs and FIIs. ISSL has a comprehensive platform for various financial services intermediaries with a flow in excess of 1 million transactions per day. It is also a leading clearing member on equity exchange traded derivatives.IndusInd Bank shares rose to Rs 1363.70 after a slightly sluggish start, and are currently trading at Rs 1357, up marginally from previous closing price. The stock had touched a record high of Rs 1375 on NSE yesterday.On BSE, the IndusInd Bank counter has clocked a volume of over 4.53 lakh shares so far this morning, nearly six times the average daily volume. On the National Stock Exchange, the IndusInd Bank counter has clocked a volume of around 5.89 lakh shares so far in the session. The bank posted a net profit of Rs 750.64 crore in the quarter ended December 31, 2016 as compared to Rs 581.02 crore in the quarter ended December 31, 2015. Total income increased from Rs 3838.55 crore for the quarter ended December 31, 2015 to Rs 4716.13 crore for the quarter ended December 31, 2016.The bank’s net interest income expended during the quarter increasing 34.51% year-on-year to Rs 1578.42 crore, on strong loan growth. Advances were up 25% while deposits grew 38% in the third quarter.During the third quarter, asset quality slightly weakened as gross non-performing assets increased to 0.94% from 0.9% and net NPA rose to 0.39% from 0.37% in previous quarter. Provisions for bad loans during the quarter increased 22.5% year-on-year and 1.4% quarter-on-quarter to Rs 216.85 crore.
July 26, 2024
