IndusInd Bank launches ‘IndusInd Bank Nexxt Credit Card’ -
India’s first interactive card with buttons
Mumbai, October 10, 2018
India’s First Interactive Card with Buttons
Empowers customers with a choice of payment options such as EMI, Reward Points or Credit at the push of a button, on the card, at the Point of Sale.
Makes redeeming Reward Points or opting for EMI payments convenient.
IndusInd Bank has launched the IndusInd Bank Nexxt Credit Card - the first interactive Credit Card in India with buttons - which provides customers with the flexibility of three payment options at a Point of Sale (POS) terminal - Credit, Converting Transactions into EMIs with 4 tenure options (6, 12, 18 & 24 months) or using accumulated Reward Points, by simply pushing a button on the card.
This Card has been created in partnership with Dynamics Inc., which is headquartered in Pittsburgh USA, and designs and manufactures intelligent, battery powered payment cards.
It incorporates technology that is revolutionary for a payment card, and provides exceptional consumer functionality as well as value. It indicates a customer’s desired payment choice using LED lights associated with the three options. A customer does not need to fill any paperwork, or call their bank, or log in to any banking channel to convert their POS transactions into EMIs, or tovredeem their Rewards Points.
CHOOSE THE WAY YOU PAY
#PUSHTHEBUTTON
- Opt for EMI'S
- Redeem reward points
- Use it like a credit card
Highlights Q1 FY 2019-20
- A quarter of steadfast performance
- Amalgamation of Bharat Financial Inclusion Limited (BFIL) completed pursuant to receipt of NCLT Order sanctioning the Scheme. Results for Q1 FY 20 includes the operating performance of BFIL business
- CASA at 43 % , SA rose by 21 % Y-o-Y
- Deposit growth up 26 % Y-o-Y
- Credit growth up 28 % Y-o-Y
- Net Interest Income up 34 % Y-o-Y
- Operating profit and Net Profit up 36 % and 38 % Y-o-Y respectively
- Capital Adequacy Ratio (CRAR) at 14.90 % (including eligible profit for Q1 FY-20 and promoter preference capital at 15.76%)
- Return on Equity up at 18.45 %
Mumbai, July 12, 2019: The Board of Directors of IndusInd Bank Ltd. today approved and adopted its Unaudited Financial Results for the first quarter ended June 30, 2019.
Performance Highlights at a Glance:
Particulars | Q1 FY20 (Rs. crores) |
Q1 FY19 (Rs. crores) |
YoY Growth(%) |
Q4 FY19 (Rs. crores) |
QoQ Growth(%) |
---|---|---|---|---|---|
Net Interest income | 2,844 | 2,122 | 34% | 2,232 | 27% |
Operating profit | 2,591 | 2,122 | 36% | 2,312 | 27% |
Net profit | 2,591 | 2,122 | 34% | 2,312 | 27% |
Key Ratios:
Particulars | Q1 FY20 | Q1 F19 | Q4 F19 |
---|---|---|---|
Net Interest Margin | 4.05% | 3.92% | 3.59% |
Capital Adequacy Ratio (CRAR) | 14.90%* | 14.70% | 14.16% |
Returns on Assets | 2.05% | 1.91% | 0.56% |
5 yrs | 3.40 | 1.86 | 0.17 |
*(including eligible profit for Q1 FY-20 and promoter preference capital at 15.76%)
Performance highlights for the Quarter ended June 30, 2019:
On October 14, 2017, the Board of Directors of the Bank and BFIL, at their respective meetings, approved a Composite Scheme of Arrangement (Scheme). Accounting effect of the scheme have been given in the financial statements for the period ended June 30, 2019 under Accounting Standard 14 – Accounting for Amalgamation, and hence the financial results for the period ended June 30, 2019 are not comparable with the previous periods. Consequently, Net Profit for the period of the Bank is higher by Rs. 213.02 crores.
Pursuant to the Composite Scheme of Arrangement the Bank has allotted 8,96,17,781 equity shares of Rs. 10 each fully paid-up, to the eligible equity shareholders of erstwhile BFIL in the ratio of 639 shares of the Bank for every 1000 shares of BFIL. For quarter ended June 30, 2019 the same is shown under Share Suspense and does not form part of Paid up Equity Share Capital.
Further on the same date , 1,57,70,985 Share Warrants were allotted to the promoters of the Bank, in accordance with the Scheme at Rs.1,709 per warrant, convertible into 1 (one) equity share each, which price has been determined in accordance with the applicable SEBI regulations. In accordance with the Scheme, the promoters have paid an amount equivalent to 25% of the aggregate warrant consideration for subscription to the share warrants.
Please note:
- Net Interest Income (NII) for the quarter is Rs. 2,844 crores as against Rs. 2,122 crores in the corresponding quarter of the previous year, registering a robust growth of 34 %.
- Non-Interest income for the quarter is Rs. 1,663 crores as against Rs. 1,302 crores in the corresponding quarter of the previous year, a growth of 28 %.
- Core fee income for the quarter is Rs. 1,402 crores as against Rs. 1,165 crores in the corresponding quarter of the previous year, marking a growth of 20 %.
- Operating Profit for the quarter is Rs. 2,591 crores as against Rs. 1,911 crores in the corresponding quarter of the previous year, showing a growth of 36 %.
- Net Profit for the quarter is Rs. 1,433 crores as against Rs. 1,036 crores in the corresponding quarter of the previous year, showing a growth of 38 %.
- CASA (Current Accounts- Savings Accounts) Ratio stands at 43.04 % as on June 30, 2019 as against 43.42% as on June 30, 2018.
- Total Advances as on June 30, 2019 is at Rs. 1,93,520 crores as compared to Rs. 1,50,675 crores on June 30, 2018, recording a growth of 28 %.
- Total Deposits as on June 30, 2019 is at Rs. 2,00,586 crores as compared to Rs. 1,58,862 crores on June 30, 2018, up by 26%. Total Business is at Rs. 3,94,106 crores.
- Savings accounts balance as on June 30, 2019 is at Rs. 57,652 crores, rose 21 % from Rs 47,711 crores as on June 30,2018.
- Net NPA as on June 30, 2019 is at 1.23 % as against 0.51 % on June 30, 2018.
- Credit Cost stable at 16 bps in June 2019 as against 14 bps in June 2018.
- Increase in network to 1701 Branches / banking outlet and 2605 ATMs as on June 30, 2019 as against 1410 Branches / banking outlet and 2285 ATMs as on June 30, 2018( this is excluding BFIL Network branches).
Commenting on the performance, Mr. Romesh Sobti, MD & CEO, IndusInd Bank said, “We have begun the first quarter of this financial year on a positive note, as we have successfully completed the merger with BFIL. We are delighted that the talent, capabilities and distribution of BFIL will enable the Bank to play a more meaningful role in Rural India towards building financial inclusiveness and sustainability across unbanked as well as under-banked locations of the country. During this quarter, the Bank has witnessed healthy growth in its topline as well as in operating profits and will now push forward into the subsequent quarters basis our strong belief in new opportunities, especially in rural India.”
About IndusInd Bank
IndusInd Bank, which commenced operations in 1994, caters to the needs of both consumer and corporate customers. Its technology platform supports multi-channel delivery capabilities. As on June 30, 2019, IndusInd Bank has 1701 branches/ banking outlet and 2605 ATMs spread across 740 geographical locations of the country. The Bank also has representative offices in London, Dubai and Abu Dhabi. The Bank believes in driving its business through technology. It enjoys clearing bank status for both major stock exchanges - BSE and NSE - and major commodity exchanges in the country, including MCX, NCDEX and NMCE.
IndusInd Bank on April 01, 2013 was included in the NIFTY 50 benchmark index.
Ratings:
Domestic Ratings
- CRISIL AA + for Infra Bonds program
- CRISIL AA for Additional Tier I Bonds program
- CRISIL A1+ for certificate of deposit program
- IND AA+ for Senior bonds program by India Ratings and Research
- IND AA for Additional Tier I Bonds program by India Ratings and Research
- IND A1+ for Short Term Debt Instruments by India Ratings and Research
International Ratings
- Baa3 as Issuer, Bank Deposits and Senior Unsecured MTN ratings by Moody’s Investors Service
- P3 as Short Term Issuer Rating by Moody’s Investors Service
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