By Malvika Gurung
Investing.com -- Shares of the private lender IndusInd Bank (NS: INBK ) jumped over 9% on Thursday, following stellar earnings results for the June 2022 quarter reported post-market hours a day earlier.
At 11:54 am, the stock was trading 9.26% higher at Rs 960.7 apiece.
The Mumbai-based lender’s net profit came in higher than the Street’s estimates, zooming 60.5% YoY to Rs 1,631.1 crore in the Apr-Jun quarter, led by a 30% YoY decline in provisions and a 16% YoY rise in net interest income at Rs 4,125 crore.
The lender’s asset quality improved in the quarter under focus, with gross NPA and net NPA ratios rising to 2.35% and 0.67%, compared to 2.88 and 0.84 YoY, respectively in Q1 FY23.
The lender’s loan book remained stable in the quarter while the Provision Coverage Ratio (PCR) stayed consistent at 72% as of June 30, 2022, and the bank's deposits climbed 13% YoY to Rs 3.02 lakh crore.
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