IndusInd Bank stock jumps nearly 4% after June quarter earnings

IndusInd Bank shares It jumped nearly 4 per cent on Wednesday morning after the company reported a 30 per cent jump in its consolidated net profit in the first quarter from April to June.

The stock rose 3.81 percent to a 52-week high of $1,443.35 on BSE.

On the NSE, it jumped 3.82 percent to reach a 52-week high of $1,443.40.

in the stock market, the BSE Sensex index rose by 321.91 points to reach a new all-time daily peak of 67,117.05 points in morning trading. NSE Nifty gained 92.4 points, hitting a record high for the day at 19,841.65.

IndusInd Bank reported on Tuesday A 30 per cent jump in its consolidated net profit in the April-June quarter at $2,124.50 crore, helped by growth in core income and lower provisions for bad loans.

In the reporting quarter, the bank’s core net interest income grew by 18 per cent to Rs. 4,867 crore with an increase of 22 per cent in advances and an expansion of 0.08 per cent in net interest margin to 4.29 per cent.

Other income increased by 14 per cent to INR 2,210 crore while total deposits increased by 15 per cent.

The overall provision has been reduced to ₹991 crore – the best in three years, compared to ₹1,251 crore in the previous year period.

In terms of asset quality, the total non-performing assets ratio improved to 1.94 percent, compared to 2.35 percent in the same period last year and 1.98 percent in the March quarter.