IndusInd Bank says it is financially strong, amid speculation on financial health

Private sector lender IndusInd Bank has said it is financially strong, well-capitalised, profitable and a growing entity with strong governance.

Various market rumours and speculation incorrectly reflect on the bank's financial health and are totally misplaced, motivated and not based on facts, it said in a statement.

"Induslnd Bank is committed to all its stakeholders and we would urge all our stakeholders to not believe unsubstantiated information and mischievous rumours," it added.

The Hindujas-backed bank said its gross non-performing assets (NPAs) last quarter (October to December) at 2.18 per cent were second-lowest in the industry among large private sector banks. "We expect current quarter gross NPAs to be pretty much in line with that of last quarter," it said.

"We expect our net NPAs of 1.05 per cent in the last quarter to fall below 1 per cent in line with our ambition to take provision cover beyond 60 per cent."

According to reports, relief measures for the telecom sector are under the process of approval. "This is a significant positive step and we await further decisions and details in this manner."  Continue Reading

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