IndusInd Bank skyrockets ~8% on posting Q1FY23 robust numbers

21 Jul 2022 , 12:58 PM

IndusInd Bank emerged as the bigger gainer today as the company posted its results on Wednesday.

At around 12.43 PM, IndusInd Bank was trading 8.32% higher at Rs952.50 against the previous close of Rs879.30 on NSE. So far, it hit an intraday high of Rs962 and a low of Rs892.60.

IndusInd Bank logged a 60.50% yoy jump in net profit at Rs1,631.02 crore for the quarter ended June 30, 2022, as compared to Rs1,016.11 crore in the previous corresponding quarter. The surge in profit was mainly on the back of a significant fall in bad loans.

The total amount of write-offs was Rs1,230 crore, which included a media and real estate company.

In Q1FY23, the company reported a net income of Rs10,113.29 crore as compared to Rs9,298.07 crore in Q1FY22, up by 8.77% yoy.

The bank’s gross non-performing assets (NPAs) decreased to 2.35% of gross advances at the end of June, down from 2.88% the previous year. However, sequentially it is higher than the 2.27% recorded in March quarter.

It’s core net interest income increased by 16% to Rs4,125 crore, owing to an 18% increase in credit and an increase in net interest margin to 4.21% from 4.06%.