IndusInd Bank to open 30 new branches

November 24th, 2008 - 7:13 pm ICT by IANS  

Kochi, Nov 24 (IANS) In a regulatory statement, private lender IndusInd Bank announced here Monday that it will open 30 new branches, set up 50 new off-site automatic teller machines (ATMs) and 6 mobile ATMs to increase presence in the country.The bank has recently received the authorisation for this expansion from the central bank, the Reserve Bank of India, the statement said.

The bank currently has 180 branches spread over 147 geographical locations in 28 states and union territories across India, the statement said.

“The Bank is aggressively striving to be among the top three private sector banks in the next three years in terms of productivity, profitability and efficiency,” the statement said quoting the bank’s chief operating officer Paul Abraham.

In the second quarter of the current fiscal year, IndusInd Bank’s net profit has grown 51 percent year on year (YOY) to Rs.336.6 million.

The bank’s net interest income grew 37 percent to Rs.766.2 million, net interest margin improved to 1.84 percent and the capital adequacy ratio stood at 12.45 percent, the statement said.

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