IndusInd Bank shares climb nearly 2 pc after earnings announcement

IndusInd Bank shares on Wednesday gained nearly 2 percent after the firm reported doubling its net profit to Rs 1,016 crore in the June 2021 quarter.

Shares of the company climbed 3.39 percent to Rs 1,008.80 on the BSE during the day. It closed the trade at Rs 992.30, a gain of 1.71 percent.

On the NSE, it jumped 1.76 percent to close at Rs 993.

In traded volume terms, 5.68 lakh shares were traded at the BSE and over 88.20 lakh units at the NSE during the day.

IndusInd Bank on Tuesday reported doubling of its net profit to Rs 1,016 crore in the June 2021 quarter, on a dip in provisioning and a surge in other income.

The bank had posted a net profit of Rs 510.39 crore in the corresponding quarter of the previous financial year.

Its total income during April-June 2021 rose to Rs 9,362.76 crore from Rs 8,682.17 crore in the year-ago period, according to a regulatory filing by IndusInd Bank.

Interest income was up at Rs 7,574.70 crore, against Rs 7,161.73 crore a year ago.

Income from retail banking rose nearly 22 percent to Rs 5,685.53 crore in the June 2021 quarter, from Rs 4,674.06 crore in the year-ago quarter.

The private sector lender said it adopted a cautious stance in its business given the impact of the second COVID-19 wave, but is now feeling more confident to maintain the 16-18 percent target on growth in the loan book.