IndusInd Bank Shares Jump 7% After June Quarter Earnings

Edited by Sandeep Singh

29 Jul 2020, 10:54 AM IST

IndusInd Bank is the country's sixth largest private sector lender by market value

IndusInd Bank shares jumped 7 per cent on Wednesday, a day after the country's sixth largest private sector lender by market capitalisation said its net interest income rose 16.36 per cent in the quarter ended June 30. On the BSE, the IndusInd Bank stock climbed to as high as Rs 563.75 apiece in morning deals, as against its previous close of Rs 526.90. In a regulatory filing after market hours on Tuesday, IndusInd Bank reported a 67.84 per cent drop in net profit to Rs 460.64 crore for the April-June period. (Track IndusInd Bank Shares Here)

Its total income from operations came in at Rs 8,680.92 crore in the first quarter of current financial year, up 0.65 per cent compared to the corresponding period a year ago.

The lender's net interest income - or the difference between interest earned and interest expended - stood at Rs 3,309.19 crore in the June quarter.

IndusInd Bank reported a more than five-fold increase in provisions and contingencies to Rs 2,258.88 crore in the April-June period, compared to the year-ago period.

Its operating profit before provisions and contingencies increased 10.44 per cent to Rs 2,861.33 crore.

IndusInd Bank said its net non-performing assets (NPAs) - or bad loans - came down 28.45 per cent to Rs 1,703.37 crore in the quarter ended June 30.

At 10:00 am, the IndusInd Bank stock traded 4.04 per cent higher at Rs 548.20 apiece on the bourse, outperforming the benchmark S&P BSE Sensex index which was down 0.18 per cent amid volatile trade.