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IndusInd Bank Gains Ahead of Q1 Earnings Announcement

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IndusInd Bank Gains Ahead of Q1 Earnings Announcement
IndusInd Bank shares on Monday gained as much as 1.5 per cent to an intraday high of Rs 907.55, ahead of its first-quarter earnings announcement later in the day.
 

The private sector lender is expected to report strong earnings growth for the quarter ended June 30, 2015.
 

IndusInd Bank is likely to report a 34 per cent annual growth in its net profit to Rs 665 crore in Q1 of FY16, on the back of strong growth in fee income from the forex and investment banking division, according to analysts polled by NDTV.
 

Its net interest income, or interest earned over interest expended, is seen growing 22 per cent to Rs 975 crore in the quarter ended June 30, 2015.
 

IndusInd Bank had reported a net profit of Rs 495 crore on net interest income of Rs 800 crore in the first quarter of last financial year.
 

Analysts will be keenly watching its gross nonperforming asset numbers, which is expected to be around Rs 610 crore, against Rs 560 crore sequentially. However, as a percentage of total advances it is likely to remain stable at 0.8 per cent, flat on a quarter-on-quarter basis.
 

Analysts expect loan growth to be strong at 23 per cent and deposit growth at 21 per cent in the first quarter.
 

Net interest margin, which is a key gauge of profitability for lenders, is likely to be stable at 3.5 per cent sequentially for IndusInd Bank.
 

As of 10.49 a.m., IndusInd Bank shares traded 0.84 per cent higher at Rs 902.50 apiece, outperforming the broader Nifty, which was up 0.14 per cent.



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