IndusInd Bank has moved higher by 4% to Rs 515 after reporting a better-than-expected 42% year-on-year (yoy) growth in net profit at Rs 335 crore for the quarter ended June 2013 on back of healthy growth in interest income and improved margins.
Net interest income of the bank increased by 40% yoy to Rs 697 crore, net interest margin (NIM) improved to 3.72% in April-June period of this fiscal from 3.22% reported a year ago.
Net interest income of the bank increased by 40% yoy to Rs 697 crore, net interest margin (NIM) improved to 3.72% in April-June period of this fiscal from 3.22% reported a year ago.
Analysts on an average had expected a net profit of Rs 316 crore and net interest income of Rs 666 crore from the private sector bank.
The bank’s total deposits grew by 23% at Rs 55,660 crore in June 2013 quarter as compared to Rs 45,076 crore in the corresponding quarter of the previous year. Total Business crossed Rs 100,000 crore,” IndusInd Bank said in a press release.
The stock opened at Rs 507 and touched high of Rs 517 on NSE. A combined 1.25 million shares have changed hands on the counter so far on NSE and BSE.
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