By By The Wall St. Journal • November 25, 2018 09:04:17AMIndia’s biggest private bank, Teisou, on Friday said its earnings before interest, taxes, depreciation and amortisation rose 11% to Rs2,959 crore in the three months ended March 31 from Rs1,908 crore in a year earlier.
Teisō was in the top ten of India’s 10 biggest private banks.
In a statement, the bank said its revenue rose 16.3% to 8.2 trillion rupees ($5.1 trillion) in the financial year ending March 31, from 7.9 trillion rupee in the previous year.
The increase was driven by a growth in commercial banking, including foreign currency and asset lending, the statement said.
It said its gross profit grew 15.3%.
The bank said the improvement was driven largely by improved operations, higher earnings and strong capitalisation of commercial banks.
It said its net income increased 8.6% to 10.6 trillion ruis in the same period.
Teisō said the increase was due to the increased cash flow from commercial banking as compared to a year ago, which in turn reflected a significant reduction in capital requirements from government as well as increased liquidity from government-supported banks.
Its capitalisation increased from 6.2 billion rupees in March to 7.6 billion ruis last year.
Teísō is the second-biggest private bank in India.
Its shares closed down 7.4% to 13,868 rupees.