IndusInd Bank shares climb nearly 3 pc after September quarter earnings

New Delhi, Oct 19 (PTI) Shares of IndusInd Bank climbed nearly 3 per cent in morning trade on Thursday after the company reported a 22 per cent growth in the September quarter net profit.

After a positive beginning, the stock further jumped 2.68 per cent to Rs 1,459.75 on the BSE.

On the NSE, it climbed 2.74 per cent to Rs 1,459.30 apiece.

The company’s September quarter earnings came in after trading hours on Wednesday.

IndusInd Bank on Wednesday reported a 22 per cent growth in the September quarter net profit at Rs 2,202 crore on the back of a surge in core income and also dip in provisions.

The private sector lender had reported a net profit of Rs 1,805 crore in the year-ago period.

Its core net interest income increased 18 per cent to Rs 5,077 crore on the back of a 21 per cent jump in advances. The net interest margin widened to 4.29 per cent in the period under review, from 4.24 per cent in the year-ago period.

Its other income increased to Rs 2,282 crore during the reporting quarter, as compared to Rs 2,011 crore in the July-September period last year.

On the asset quality front, the gross non performing assets ratio improved to 1.93 per cent from 2.11 per cent in the year-ago period.

The overall provisions dipped to Rs 973.81 crore from the year-ago period’s Rs 1,141.05 crore, helping the bank’s overall profits.