IndusInd Bank share rises over 3% on strong Q1 earnings

IndusInd Bank share rose over 3% today after the private sector lender reported doubling of profit in Q1. IndusInd Bank stock has gained after 3 days of consecutive fall. The large cap stock touched an intraday high of Rs 1,008.8 rising 3.4% against previous close of Rs 975.65 on BSE.

The banking share trades higher than 5 day, 100 day and 200 day moving averages but lower than 20 day and 50 day moving averages. The stock has risen 88.54% in one year and gained 11% since the beginning of this year.

Market cap of the lender rose to Rs 76,813 crore on BSE.

Total 5.09 lakh shares changed hands amounting to turnover of Rs 50.69 crore on BSE.

IndusInd Bank reported doubling of its net profit to Rs 1,016.11 crore in Q1 led by healthy growth in retail loans and lower provisions for NPAs. The bank had reported a net profit of Rs 510.39 crore in the corresponding quarter of the previous financial year.

Total income in Q1 rose to Rs 9,362.76 crore from Rs 8,682.17 crore in the year-ago period.

Interest income rose to Rs 7,574.70 crore in Q1 against Rs 7,161.73 crore a year ago.

Income from retail banking rose nearly 22 percent to Rs 5,685.53 crore in the June 2021 quarter, from Rs 4,674.06 crore in the year-ago quarter.

Asset quality showed little impairment on a gross level as non-performing assets (NPAs) climbed slightly to 2.88 percent of the gross advances as of June 2021, as against 2.53 percent by the year-ago period.

However, net NPAs or bad loans, fell to 0.84 percent from 0.86 percent a year ago.

Provisioning for bad loans and contingencies in Q1 fell to Rs 1,844.02 crore from Rs 2,258.88 crore set aside for same quarter of 2020-21.