IndusInd Bank shares climb over 3 pc after earnings announcement

IndusInd Bank, Q1

IndusInd Bank shares gained more than 3 per cent after the firm reported doubling its net profit to Rs 1,016 crore in the June 2021 quarter.

Shares of the company climbed 3.39 per cent to Rs 1,008.80 on BSE. On NSE, it jumped 3.48 per cent to Rs 1,009.80.

At around 2:10 pm, BSE shares were at Rs 991 or 1.56 per cent, and Rs 991.85 at NSE or 1.64 per cent.

IndusInd Bank on Tuesday reported doubling of its net profit to Rs 1,016 crore in the June 2021 quarter, on a dip in provisioning and a surge in other income.

The bank had posted a net profit of Rs 510.39 crore in the corresponding quarter of the previous financial year.

According to a regulatory filing by IndusInd Bank, its total income during April-June 2021 rose to Rs 9,362.76 crore from Rs 8,682.17 crore in the year-ago period.

Interest income was up at Rs 7,574.70 crore, against Rs 7,161.73 crore a year ago.

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

The private sector lender said it adopted a cautious stance in its business given the impact of the second COVID-19 wave, but is now feeling more confident of maintaining the 16-18 per cent target on growth in loan book.

https://www.thestatesman.com/business/indusind-bank-shares-climb-3-pc-earnings-announcement-1502987235.html

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