IndusInd Bank shares climb: IndusInd Bank’s stock increased by about 3% in early trade on Thursday as the business revealed a 22% increase in net earnings for the September quarter.
Following a strong start, the stock increased further, rising 2.68 percent to Rs 1,459.75 on the BSE. It increased 2.74 percent to Rs 1,459.30 per unit on the NSE.
Results for the company’s September quarter were released on Wednesday after market close.
IndusInd Bank reported a 22% increase in net profit for the September quarter at Rs 2,202 crore on the strength of a rise in core revenue and a decrease in provisions.
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In the same period last year, the private sector lender earned a net profit of Rs 1,805 crore.
Due to a 21% increase in advances, its core net interest income rose by 18% to Rs 5,077 crore. From 4.24 percent in the prior period to 4.29 percent in the one under review, the net interest margin increased.
When compared to the July through September of last year, its other income climbed to Rs 2,282 crore during the reporting quarter from Rs 2,011 crore.
In terms of asset quality, the gross nonperforming assets ratio decreased from 2.11 percent in the same time last year to 1.93 percent this year.
The whole provisions decreased from Rs 1,141.05 crore to Rs 973.81 crore, which aided the bank’s overall profitability.
