IndusInd Bank bucks trend after CRISIL reaffirms credit ratings

IndusInd Bank rose 0.13% to Rs 411.55 after CRISIL on 27 March 2020 reaffirmed the credit ratings on the fixed deposits/certificates of deposits/debt instruments of the bank.

IndusInd Bank said its Rs 1,500 crore Infrastructure Bond issue was reaffirmed at CRISIL AA+/Stable. The Rs 2,000 crore Tier-I bonds (under Basel III) was reaffirmed at CRISIL AA/Stable. The Rs 1,000 crore Tier-I bonds (under Basel III) was reaffirmed at CRISIL AA/Stable. The Rs 1,000 crore Tier-I bonds (under Basel III) was reaffirmed at CRISIL AA/Stable. The Rs 40,000 crore certificates of deposits was reaffirmed at CRISIL A1+. The short-term fixed deposit programme was reaffirmed at CRISIL A1+. The announcement was made on Saturday, 28 March 2020.

In a separate filing on Saturday, IndusInd Bank announced that it has paid Rs 156.44 crore as interest due in respect of Additional Tier I Bonds issued on 28 March 2019.

 

Shares of IndusInd Bank have crashed 77.57% from its 52-week high of Rs 1,835 hit on 28 March 2019.

The bank's standalone net profit jumped 32% to Rs 1,300.20 crore on a 25.5% surge in total income to Rs 9,073.93 crore in Q3 December 2019 over Q3 December 2018.

IndusInd Bank is engaged in banking and para-banking services. The bank is involved in accepting deposits, such as savings accounts, current accounts and fixed deposits, and banking solutions.

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