IndusInd Bank spurts as promoters to hike stake

Indusind Bank surged 6.45% to Rs 449.80 after the bank said its promoters intend to hike stake.

The bank's promoters, IndusInd International Holdings and IndusInd, plan to purchase additional shares of IndusInd Bank from the secondary market, within the overall regulatory prescribed promoter equity holding cap. The disclosure was made on Sunday (07 June 2020).

Currently, the promoters hold 14.68% stake in the bank. The cap on promoter holding in private banks is at 15%.

IndusInd Bank's consolidated net profit fell 12.32% to Rs 315.25 crore on 21.30% rise in total income to Rs 9,158.80 crore in Q4 March 2020 over Q4 March 2019.

Net Interest Income during Q4 March 2020 increased to Rs 3,231.19 Crore, up by 44.74% from Rs 2,232.38 Crore for Q4 March 2019. Net Interest Margin for Q4 March 2020 improved to 4.25%from 4.15% during Q3 December 2019 and 3.59% during Q4 March 2019.

Total deposits as of 31 March 2020 were Rs 2,02,026.99 crore, an increase of 3.67% over 31 March 2019. Total advances as of 31 March 2020 were Rs 2,06,783.16 crore, an increase of 10.94% over 31 March 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, as against 1,665 branches/banking outlets and 2,545 onsite & offsite ATMs across 736 geographic locations as of 31 March 2019.

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