IndusInd Bank records ~21% y-o-y growth in net advances; stock hits 52-week high

5 Jul 2023 , 12:51 PM

The lender’s net advances increased by 21% y-o-y to Rs 3.01 lakh crore in the first quarter of FY24, compared to Rs 2.47 lakh crore in the same quarter last fiscal. Advances increased 4% sequentially. 

Following this development, IndusInd Bank hit a 52-week high of Rs 1,413.10 on NSE.

At around 12.23 PM, IndusInd Bank was trading 1.99% higher at Rs 1,394.50 apiece, against the previous close of Rs 1,367.35 on NSE.

Deposits increased 15% year-on-year to Rs 3.47 lakh crore and 3% sequentially. Retail deposits and small business deposits totaled Rs 1.5 lakh crore as of June 30, 2023, up from Rs 1.4 lakh crore as of March 31, 2023.

Furthermore, the lender’s CASA (current account and savings account) ratio fell to 39.9% in Q1, the lowest in 24 quarters, from 43.2% the previous quarter.

On July 4, IIHL announced that its board of directors approved an appraisal of up to $1.5 billion, allowing it to increase its stake in IndusInd Bank from 15% to 26%. This move is intended to provide financial support for Reliance Capital’s acquisition.

For feedback and suggestions, write to us at [e-mail]