IndusInd Bank crosses 300 branches milestone in India

IndusInd Bank Ltd. | Bank - Private | BFSI | BSE: 532187 | NSE: INDUSINDBK

01 Jun 2011 Evaluate

IndusInd Bank has crossed 300 branches milestone in India with the opening of 301st branch in Prabhadevi, Mumbai. The new branch will be providing an enhanced banking experience to its retail as well as corporate customer and will be offering an entire gamut of services.

The branch offers its customer greater convenience and freedom to do their banking throughout the year, even on Sundays and holidays. The ATM located at the branch is a Choice Money ATM which gives its customers the freedom to choose notes from a mix of 100, 500 and 1,000 rupee denominations.

During the current financial year the bank will focus on distribution, branch expansion and providing universal banking solutions to the customers. Indusind Bank plans to touch 450 branches in India by March 2012.

Besides, IndusInd Bank has signed a memorandum of understanding (MoU) with HDFC. As per the tie-up, IndusInd Bank’s nation-wide branch offices spread across the country will source HDFC Home loans for purchase / construction / extension / renovation of dwelling units / residential premises to individuals.

The bank’s net profit had surged by 75.33% at Rs 171.76 crore for the quarter ended March 31, 2011 as compared to Rs 97.96 crore for the quarter ended March 31, 2010. Its total Income had registered growth of 44.32% at Rs 1230.47 crore for the quarter under review as compared to Rs 852.57 crore for the corresponding quarter of the previous Fiscal.

Indusind Bank had reported net profit of Rs 577.32 crore for the year ended March 31, 2011 as compared to Rs 350.31 crore for the year ended March 31, 2010, up by 64.80%.The bank’s total income too had gone up by 31.98% at Rs 4303.02 crore for the year ended March 31, 2011 as compared to Rs 3260.47 crore for the previous year.

Indusind Bank Share Price

949.85 3.25 (0.34%)

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Peers

Company Name	CMP
HDFC Bank	781.20
ICICI Bank	1264.80
Axis Bank	1269.40
Kotak Mahindra Bank	380.75
Indusind Bank	949.85
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