Business

IndusInd Bank posts bigger-than-expected Q2 profit, boosted by loan growth


IndusInd Bank posts bigger-than-expected Q2 profit, boosted by loan growth

Earlier this month, IndusInd said its quarterly net advance was up 18% year over year. (File)

Bengali:

Indian private lender IndusInd Bank reported a more-than-expected jump in second-quarter profit on Wednesday, lifted by strong loan growth and reduced provisions for bad loans.

The company’s independent profit, excluding results of its Bharat Financial Inclusion unit, rose 60.5% to 17.87 billion Indian rupees ($215.2 million) in the three months ended June 30. September.

Analysts expect a profit of Rs 17.42 billion, according to Refinitiv IBES data.

Provisions fell 33% in the quarter, the Mumbai-based lender said in an exchange filing.

Total bad debt as a percentage of total outstanding loans – a measure of asset quality – fell to 2.11% at the end of September, from 2.35% at the end of June.

Earlier this month, IndusInd said its quarterly net advance was up 18% year over year and 5% respectively.

Indian lenders are expected to report strong numbers in the second quarter as lending picks up even amid a slew of central bank rate hikes. Last week, leading private lender HDFC Bank reported a 20% increase in profits.

(Except for the title, this story has not been edited by NDTV staff and is published from an aggregated feed.)

news5s

News5s: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, Sports...at the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button