IndusInd Bank gains after net advances rises 2% YoY in 2nd quarter

IndusInd Bank rose 1.60% to Rs 611.35 after the private sector lender registered a 10% increase in its deposits and a 2% rise in its net advances as on 30 September 2020 compared to the same period last year.

In provisional data for the second quarter of the fiscal reported to the stock exchanges, the bank said its deposits grew by 10% to Rs 2.28 lakh crore as against Rs 2.07 lakh crore as on 30 September 2019. Its deposits stood at Rs 2.11 lakh crore as on 30 June 2020.

Retail deposits and deposits from small business customers amounted to Rs 75,610 crore as of 30 September 2020 as against Rs 67,318 crore as of 30 June 2020, the bank said.

Net advances grew 2% to Rs 2 lakh crore as on 30 September 2019 compared with Rs 1.97 lakh crore a year ago and Rs 1.98 lakh crore as on 30 June 2020.

CASA ratio was at 40.4% at the end of the second quarter this fiscal compared to 41.4% as on 30 September 2019 and 40.1% as on 30 June 2020.

The scrip has rallied 159.48% from its 52-week low of Rs 235.60 hit on 24 March 2020.

The private lender's standalone net profit slumped 67.84% to Rs 460.64 crore on 0.65% rise in total income to Rs 8,680.92 crore in Q1 June 2020 over Q1 June 2019.

IndusInd Bank caters to the needs of both consumer and corporate customers. As of 31 March 2020, the bank's distribution network included 1,911 branches/banking outlets and 2,760 onsite & offsite ATMs across 751 geographic locations.

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