IndusInd Bank shares hit 52-week high post strong Q2 earnings

Shares of IndusInd Bank rose to a fresh 52-week high today after the private sector lender reported a 73 per cent rise in its net profit for the quarter ended September. The shares zoomed 9.4 per cent to a fresh high of Rs 1241.85 on the Bombay Stock Exchange (BSE). The stock has gained after 3 days of consecutive fall. The share opened with a gain of 2.99 per cent at Rs 1,241 against the previous close of Rs 1141.85.

IndusInd Bank share is trading higher than 5-day, 20-day, 50-day, 100-day, and 200-day moving averages.

The share has gained 103 per cent in one year and risen 34.54 per cent since the beginning of this year.

Market cap of the bank rose to Rs 92,561 crore on BSE. Total 4.54 lakh shares changed hands amounting to turnover of Rs 54.97 crore.

Net profit rose to Rs 1,146.73 crore for the second quarter September against a net profit of Rs 663.08 crore in the year-ago period.

Total income rose to Rs 9,488.06 crore in Q2 against Rs 8,731.52 crore a year ago. Interest income rose to Rs 7,650.36 crore from Rs 7,177.21 crore.

On a standalone basis, the net profit zoomed 72 per cent to Rs 1,113.53 crore from Rs 647.04 crore. The total income rose to Rs 9,487.56 crore in last quarter against Rs 8,731.05 crore.

Provisions for bad loans and contingencies fell to Rs 1,703.36 crore in Q2 from Rs 1,964.44 crore reserved for the year-ago period.

However, gross bad loans rose 2.77 per cent of gross advances as of September 30, 2021 against 2.21 per cent a year earlier. Net NPAs too increased to 0.80 per cent in September quarter from 0.52 per cent a year ago.