IndusInd Bank Soars 9.3% on Stellar Q1 Performance & Improved Asset Quality

  • Investing.com
  • Stock Market News
IndusInd Bank Soars 9.3% on Stellar Q1 Performance & Improved Asset Quality

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.

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

100

Related Articles