IndusInd Bank Soars 15% Despite Decline In March Net Profit
IndusInd Bank shares soared 15 per cent after the bank posted a profit at Rs 301.84 crore in the March quarter, a decline of 76.8 per cent compared to the previous quarter's Rs 1,300.2 crore. On a year-on-year basis, the profits declined by 16.18 per cent. The shares of the private sector lender ended the session with gains of 15 per cent at Rs 480. The shares had opened at Rs 448 and touched an intra-day high of Rs 480 and low of Rs 430.
IndusInd Bank's net interest income (NII) increased 44.62 per cent on a yearly basis to Rs 3,211.19 crore. The bank's total provisions rose 56 per cent to Rs 2,440 crore in the March quarter. The bank made a provision of Rs 260 crore in view of the lockdown and the time required for return of normalcy.
As on March 31, 2020, IndusInd Bank has 1911 branches and banking outlets, and 2,760 ATMs across the country.
IndusInd Bank shares had closed up 6.4 per cent in Mondays trading session ahead of the quarterly results. With today's rise, the shares of the bank have risen by 21 per cent within 2 days.
The Sensex ended the session with gains of 371 points and the Nifty added 99 points.
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