IndusInd Bank gains on strong Q1 results

The bank announced the result during trading hours on Wednesday, 10 July 2013. Shares of IndusInd Bank declined 1.25% to Rs 495.70 on that day on profit booking after rising 5.93% in the preceding two sessions to Rs 502 on 9 July 2013, from a Rs 473.90 on 5 July 2013.

Meanwhile, the S&P BSE Sensex was up 310.33 points, or 1.61%, to 19,604.45.

On BSE, 29,000 shares were traded in the counter as against an average daily volume of 2.18 lakh shares in the past one quarter.

The stock hit a high of Rs 509.80 and a low of Rs 503 so far during the day. The stock had hit a record high of Rs 530.60 on 27 May 2013. The stock had hit a 52-week low of Rs 308 on 11 September 2012.

The stock had outperformed the market over the past one month till 10 July 2013, sliding 0.15% compared with the Sensex's 0.76% fall. The scrip had also outperformed the market in past one quarter, rising 27.71% as against Sensex's 4.78% rise.

The large-cap company has an equity capital of Rs 523.25 crore. Face value per share is Rs 10.

IndusInd Bank's net profit rose 41.73% to Rs 334.84 crore on 22.14% increase in total income to Rs 2,382.81 crore in Q1 June 2013 over Q1 June 2012.

The bank's ratio of net non-performing assets (NPAs) to net advances stood at 0.21% as on 30 June 2013, compared with 0.31% as on 30 June 2013 and 0.27% as on 30 June 2012.

The bank's ratio of gross NPAs to gross advances stood at 1.06% as on 30 June 2013, compared with 1.03% as on 31 March 2013 and 0.97% as on 30 June 2012.

Provisions and contingencies surged 146.84% to Rs 132.06 crore in Q1 June 2013 over Q1 June 2012. The bank has created floating provision of Rs 50 crore in Q1 June 2013. This provision is made in excess of minimum requirement prescribed by the Reserve Bank of India (RBI) under income recognition and asset classification (IRAC) norms without reference to any specific NPA and the same has been computed while computing the position of net NPAs.

The bank's Capital Adequacy Ratio (CAR) as per Basel II norms stood at 14.42% as on 30 June 2013, compared with 15.36% as on 31 March 2013 and 12.86% as on 30 June 2012.

As on 31 March 2013, IndusInd Bank had 530 branches, and 1003 ATMs spread across 380 geographical locations of the country. The bank also has representative offices in London and Dubai.

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