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.
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