IndusInd Bank stock climbs over 2% after June quarter earnings

New Delhi: Shares of IndusInd Bank climbed over two per cent on Wednesday after the company reported a 30 per cent jump in its consolidated net profit in the April-June quarter.

The stock ended at Rs 1,419.10, up 2.07 per cent on the BSE. During the day, it gained 3.81 per cent to hit its 52-week high of Rs 1,443.35. At the NSE, shares of the company advanced 2.19 per cent to settle at Rs 1,420.70. During the day, it jumped 3.82 per cent to reach its 52-week high of Rs 1,443.40.

The company's market valuation climbed Rs 2,234.95 crore to Rs 1,10,125.41 crore. On traded volume front, 3.29 lakh shares of the company were traded at the BSE and over 88.50 lakh shares on the NSE during the day. In the equity market, the 30-share BSE Sensex jumped 302.30 points or 0.45 per cent to settle at its new record closing high of 67,097.44. The NSE Nifty gained 83.90 points or 0.42 per cent to end at its lifetime closing high of 19,833.15.

IndusInd Bank on Tuesday reported a 30 per cent jump in its consolidated net profit in the April-June quarter at Rs 2,124.50 crore, helped by core income growth and lower bad loan provisions.

In the reporting quarter, the bank's core net interest income grew 18 per cent to Rs 4,867 crore on a 22 per cent increase in advances and a 0.08 per cent expansion in the net interest margin to 4.29 per cent. The other income was up 14 per cent to Rs 2,210 crore, while the overall deposits rose 15 per cent. The overall provisions reduced to Rs 991 crore -- the best in three years, as compared to Rs 1,251 crore in the year-ago period.

On the asset quality front, the gross non-performing assets ratio improved to 1.94 per cent, as against 2.35 per cent in the year-ago period and 1.98 per cent in the March quarter.