Shares of IndusInd Bank were the top gainers on Sensex and Nifty today after the private lender reported a strong loan and deposit growth for the September quarter. IndusInd Bank stock gained 5.38 per cent intraday to Rs 1218.3 against the previous close of Rs 1156.10 on BSE.
On Nifty, the stock rose up to 5.42 per cent to hit a fresh high of Rs 1218.95. It was the top gainer on the stock index. IndusInd Bank shares were trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
In a year, the stock of IndusInd Bank has gained 8.19 per cent and risen 36.46 per cent in 2022. In a month, the stock has gained 10.02 per cent. Total 0.89 lakh shares of the firm changed hands amounting to a turnover of Rs 10.79 crore on BSE.
The market cap of the bank rose to Rs 94,149 crore. With today's rally, the stock almost touched its 52-week high of Rs 1,275.25 on September 20, 2022.
The bank said its advances rose 18 per cent year-on-year (YoY) and 5 per cent quarter-on-quarter (QoQ). Advances stood at Rs 2,59,647 crore as of September as against Rs 2,20,808 crore a year back. Deposits climbed 15 percent YoY from Rs 2,75,473 crore in the September 2021 quarter to Rs 3,15,824 crore as of September 2022.
On a quarter-on-quarter basis, deposits rose 4 per cent.
"Retail deposits and deposits from small business customers amounted to Rs 1,29,895 crore as of September 30 as against Rs 1,24,102 crore as of June 30," the company said in a regulatory filing.
In a report, global brokerage Jefferies said, "We believe loan growth is led by an uptick in retail loan growth (commercial vehicle and MFI) that also make better margins."
Motilal Oswal Financial Services said, "The bank continued to report a strong pick-up in loan growth and we expect these trends to remain healthy which is likely to support margins. Deposit franchise too is growing strongly, with sustained focus in ramping up of Retail deposits. Improvements in asset quality, particularly in the MFI/Restructuring book, and CV demand outlook will be a key monitorable." It gave a target price of Rs 1,156 for the lender in a report dated October 4.
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