IndusInd Bank Shares Jump, Over 5 Pc After June Quarter Earnings

Shares of IndusInd Bank climbed over 5 per cent in morning trade on Thursday after the company reported a 60.5 per cent jump in net profit for the quarter ended June. The stock jumped 5.58 per cent to Rs 928 on the BSE. At the NSE, it rallied 5.57 per cent to Rs 928.35. It was the biggest gainer on both the BSE Sensex and NSE Nifty during the morning trade.

The BSE benchmark was trading 137.13 points higher at 55,534.66 and the Nifty climbed 44.25 points to 16,565.55. IndusInd Bank on Wednesday reported a 60.5 per cent jump in net profit at Rs 1,631.02 crore for the quarter ended June, mainly due to a fall in bad loans. The private sector lender had posted a net profit of Rs 1,016.11 crore in the year-ago period.

In the first quarter of the current fiscal, the bank's total income increased to Rs 10,113.29 crore, as against Rs 9,298.07 crore in the same period a year ago. The bank witnessed an improvement in its gross Non-Performing Assets (NPAs) at 2.35 per cent of the gross advances at the end of June, as against 2.88 per cent in the year-ago period. However, the figure for the latest June quarter is higher than 2.27 per cent recorded in the March quarter.

(PTI)