Business News | IndusInd Bank Surges 8 Per Cent After Strong Q1 Earnings
Get latest articles and stories on Business at LatestLY. IndusInd Bank surged by around 8 per cent on Thursday after the company posted an impressive 61 per cent year-on-year surge in its net profit for the first quarter of the current financial year.
Mumbai (Maharashtra) [India], July 21 (ANI): IndusInd Bank surged by around 8 per cent on Thursday after the company posted an impressive 61 per cent year-on-year surge in its net profit for the first quarter of the current financial year.
At the BSE, IndusInd Bank surged 7.88 per cent to Rs 948.15. Trading in IndusInd Bank started at Rs 901. The scrip surged to a high of Rs 961.20 in the intra-day.
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On Wednesday, IndusInd Bank reported net profit of Rs 1,631 crore for the first quarter of the current financial year as compared to Rs 1,016 crore recorded in the corresponding quarter of the previous year, registering a year-on-year growth of 61 per cent.
Pre Provision Operating Profit (PPOP) of the bank stood at Rs 3,431 crore for the quarter ended June 30, 2022, registered a growth of 10 per cent over the corresponding quarter of the previous year at Rs 3,121 crore. PPOP / advance ratio for the quarter ended June 30, 2022 stood steady at 5.70 per cent.
The bank's net interest income for the quarter ended June 30, 2022 stood at Rs 4,125 crore, grew by 16 per cent YoY and 4 per cent quarter-on-quarter.
Net interest margin for the first quarter of the current financial year stood at 4.21 per cent against 4.06 per cent for the corresponding quarter of the previous year.
During the fourth quarter of 2021-22, the bank's net interest margin stood at 4.20 per cent.
The Board of Directors of IndusInd Bank Limited approved the financial results of the Bank for the Quarter ended June 30, 2022, at their meeting held in Mumbai on Wednesday.
The Bank's financial results include the financial results of its wholly owned subsidiary, Bharat Financial Inclusion Limited (BFIL), a business correspondent (BC) of the Bank involved in originating small ticket MFI loans for the Bank and IndusInd Marketing and Financial Services Private Limited (IMFS), an associate of the Bank. (ANI)
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