Backed By Strong Q2 Earnings Result, IndusInd Bank Rallies Today

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Backed By Strong Q2 Earnings Result, IndusInd Bank Rallies Today

By Malvika Gurung

Investing.com -- IndusInd Bank (NS: INBK ) reported its quarterly earnings for the September quarter yesterday, with net profit growing by 72.9% for the given period to Rs 1,146.7 crore, up from Rs 663.1 crore on a quarter-on-quarter basis, and exceeding analyst expectations of Rs 1,042.4 crore for Q2 FY22.

A drop in the commercial bank’s provisions for bad loans and contingencies by 13.3% for the quarter at Rs 1,703.36 crore YoY, and 7.6% QoQ to Rs 1,703.36 crore has contributed to the bank’s net profit growth.

The NII or net interest income surged 11.6% to Rs 3,658.40 crore, on a QoQ basis, contributing to an 8.6% rise in the total income recorded by the bank for the quarter under review, at Rs 9,488.06 crore YoY. The bank’s interest income climbed by 6.59% for the same period last year.

The bank’s pre-provision operating profit grew by 12.2% to Rs 3,174 crore on a year-on-year basis.

IndusInd Bank reported its loan book to have grown by 10% YoY to Rs 2.21 lakh crore, in addition to the deposits rising by 21% YoY to Rs 2.75 lakh crore for the quarter ended September, with deposits coming in from the retail segment and small business customers, worth Rs 1.11 lakh crore.

With the strong quarterly report coming in after trading hours on Wednesday, IndusInd Bank’s shares jumped 6.2% to Rs 1,214.35 at 10:45 am as one of the top gainers for Thursday’s session.

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