IndusInd Bank gains 18% on operationally strong Q4
Published On: Tuesday, April 28, 2020 | By: Team KnowMyStock
Mumbai based bank IndusInd Bank Shares surged 18.05 per cent intra-day, to hit a high of Rs 480.9, on the BSE on Tuesday due to its better-than-expected operationally strong March quarter performance.IndusInd Bank reported profit at Rs 301.84 crore in March quarter, down 76.8 per cent compared to the previous quarter's net at Rs 1,300.2 crore, impacted by higher provisions and lower other income, but lower tax (down 77 per cent QoQ) limited the decline. The bank's net interest income (NII) rose 5 per cent sequentially and 45 per cent year-on-year (YoY) to Rs 3,231 crore during Q4FY20. Besides, it logged the highest-ever net interest margin (NIM) of 4.25 per cent, up from 4.15 per cent in Q3FY20 and 3.59 per cent reported during the year-ago quarter.
The bank has reported an operationally strong Q4 quarterly performance. While the asset quality has weakened, its coverage has improved. The profit was above our expectations and was driven by better operational performance. We expect a rebound in FY22," it said in its earnings review note. Percentage of gross non-performing assets (NPA) stood at 2.45 per cent in the March quarter against 2.18 per cent as of December 31, 2019. The figure stood at 2.10 per cent in the same period last year.
Tags: IndusInd Bank
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