Nifty Bank Stock Surges 3.4% on Strong Biz Performance in Q1; CASA Rises

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Nifty Bank Stock Surges 3.4% on Strong Biz Performance in Q1; CASA Rises

By Malvika Gurung

Investing.com -- Shares of the private commercial lender IndusInd Bank (NS: INBK ) climbed 3.4% to Rs 834.55 apiece at 12:30 pm on Monday, following the bank’s provisional data announcement for the June 2023 quarter. 

Sectoral index Nifty Bank is up 0.71%, and IndusInd Bank is among the top gainer in the index.

The private sector lender witnessed an 18% jump in its net advances at Rs 2,49,541 crore in the June 2022 quarter of FY23 on a YoY basis, compared to Rs 2,10,727 crore witnessed in the same period last year.

On a sequential basis, the figure climbed 4%, against Rs 2,39,052 crore posted in the previous quarter Q4 FY22.

The lender’s CASA ratio, a key indicator of a financial institution’s operating efficiency, rose from 42.1% in Q1 FY22 to 43.2% in Q1 FY23, and from 42.8% in the March 2022 ending quarter.

Further, the bank’s total deposits surged 13% YoY and 3% sequentially to Rs 3,03,094 crore in the Apr-Jun quarter and ‘Retail Deposits and Deposits from Small Business Customers’ rose 3% sequentially to Rs 1,24,105 crore in the quarter under focus.

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  • Mahavir gears @Mahavir gears
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  • AMOL KHAIRNAR @AMOL KHAIRNAR
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