IndusInd Bank's Q2FY24 Advances Surge 21%, Stock Up

Shares of IndusInd Bank saw a nearly 1 per cent increase in early trading on 3 October, following the bank's robust 21 per cent year-on-year (YoY) growth in advances.

At 10:40 am, the IndusInd Bank stock was trading 0.42 per cent higher at Rs 1434.85 on the NSE.

The bank reported a significant jump in net advances, with a 21 per cent YoY increase to Rs 3,14,928 crores in September 2023, compared to Rs 2,60,129 crores in September 2022. Additionally, the bank's deposits grew by 14 per cent YoY, reaching Rs 3,59,819 crores from Rs 3,15,921 crores, according to an exchange filing dated 2 October 2023.

IndusInd Bank, a private sector lender, reported a net profit of Rs 2,124 crore for the April-June quarter, marking a 33 per cent increase compared to the Rs 1,631 crore recorded in the year-ago period.

The bank's total income for Q1FY24 increased by 28 per cent year-on-year to Rs 12,939 crore. This includes a net interest income (NII) of Rs 5,863 crore, which grew by 18 per cent compared to Rs 4,125 crore reported in the corresponding quarter of the previous fiscal year.

IndusInd Bank also saw improvements in its asset quality, with the gross non-performing asset (NPA) standing at 1.94 per cent, down from 2.35 per cent in the same quarter last year. Meanwhile, the net NPA for the quarter was 0.58 per cent, improving from 0.67 per cent YoY.

In terms of capital adequacy, the bank reported a ratio of 18.04 per cent as per Basel III norms for the first quarter, up from 17.86 per cent in the fourth quarter of the previous fiscal year.

IndusInd Bank's stock performance has been impressive, delivering a return of 32.52 per cent over the past six months, significantly outperforming the Bank Nifty index, which recorded a return of 9.24 per cent during the same period.