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IndusInd Bank opens IFSC Banking Unit at GIFT City

12 Jul 2016 Evaluate

IndusInd Bank has opened IFSC Banking Unit (IBU) at the Gujarat International Finance Tec-City (GIFT City) to meet the requirements of offshore banking operations from India.  IndusInd bank's International Banking Unit (IBU) will provide the bank access to International financial markets and will allow IndusInd Bank to deliver a complete range of products to its clients with foreign currency funding requirements. The Bank will now be able to actively offer products such as External Commercial Borrowings to its customers an area where it had limited capabilities hitherto.

IndusInd Bank has reported 25.97% rise in its net profit at Rs 661.38 crore for first ended June 30, 2016as compared to Rs 525.04 crore for the same quarter in the previous year. Total income of the bank has increased by 22.37% at Rs 4264.66 crore for quarter under review as compared to Rs 3485.11 crore for the quarter ended June 30, 2015.

Peers
Company Name CMP
HDFC Bank 705.00
ICICI Bank 1333.00
Axis Bank 1223.95
Kotak Mahindra Bank 416.30
Indusind Bank 882.30
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