 "IndusInd Bank gains post Q1 results")
Shares of IndusInd Bank moved higher by 3% to Rs 925 on the BSE after the bank reported a better-than-expected 25% year-on-year (yoy) jump in standalone net profit at Rs 525 crore for the quarter ended June 30, 2015 (Q1) on the back of higher interest income and other income.
The private sector lender had posted a profit of Rs 421 crore in the same quarter a year ago.
Analysts on an average had expected net profit of Rs 518 crore for the quarter.
Net interest income (interest earned minus interest expended) grew 22% at Rs 981 crore during the reported quarter against Rs 801 crore in the corresponding quarter of previous fiscal. Other income rose 26% to Rs 724 crore on a y-o-y basis.
Meanwhile, the bank’s gross non-performing assets (NPA) as percentage of total advances declined to 0.79% in the April-June quarter (Q1FY16) from 0.81% at the end of March 2015 quarter. Net NPA remained unchanged at 0.31% during the recently concluded quarter.
The trading volumes on the counter jumped more than three-fold, with a combined 3.28 million shares changing hands on the BSE and NSE till 1452 hours.
The private sector lender had posted a profit of Rs 421 crore in the same quarter a year ago.
Analysts on an average had expected net profit of Rs 518 crore for the quarter.
Net interest income (interest earned minus interest expended) grew 22% at Rs 981 crore during the reported quarter against Rs 801 crore in the corresponding quarter of previous fiscal. Other income rose 26% to Rs 724 crore on a y-o-y basis.
Meanwhile, the bank’s gross non-performing assets (NPA) as percentage of total advances declined to 0.79% in the April-June quarter (Q1FY16) from 0.81% at the end of March 2015 quarter. Net NPA remained unchanged at 0.31% during the recently concluded quarter.
The trading volumes on the counter jumped more than three-fold, with a combined 3.28 million shares changing hands on the BSE and NSE till 1452 hours.
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