The Indian Money lender, Indusland Bank Pvt Ltd. on Wednesday listed their income growth grow high by 26% based on a year-on-year rise in its net profit for the September quarter to Rs. 704.26 crore.
This has benefited from a strong rise in revenue and a reduction in costs of deposits and funds.
Cost of Deposits which earlier in the June quarter was 6.93% was lowered down to 6.60% and the cost of fund which was 5.67% in the June quarter came down to 5.51%.
An expansion of net interest margin (NIM), which came in at 4.00%, up from 3.97% for the June quarter and 3.88% in the same quarter last year as the reduction in deposit and fund’s cost.
The income was reported to be 4,439.72 crore which is 24% increment in this quarter.
80% of the 240 million of bank accounts became funtional under the PM's 'Jan Dhan Yojana'
