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IndusInd Bank shares climb over 3% after earnings announcement

PTI New Delhi | Updated on July 28, 2021

It had doubled its net profit to ₹1,016 crore in the June 2021 quarter, on a dip in provisioning and a surge in other income.

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

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

IndusInd Bank on Tuesday reported doubling of its net profit to ₹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 ₹510.39 crore in the corresponding quarter of the previous financial year. Its total income during April-June 2021 rose to ₹9,362.76 crore from ₹8,682.17 crore in the year-ago period, according to a regulatory filing by IndusInd Bank. Interest income was up at ₹7,574.70 crore, against ₹7,161.73 crore a year ago.

Income from retail banking rose nearly 22 per cent to ₹5,685.53 crore in the June 2021 quarter, from ₹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 to maintain the 16-18 per cent target on growth in loan book.

Published on July 28, 2021

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