Shares of IndusInd Bank declined over 3 percent in the early trade on October 20, a day after the bank announced its Q2 earnings. IndusInd Bank posted a 57 percent year-on-year rise in net profit this September quarter. Its net profit stood at Rs 1,805.3 crore in Q2FY23 against Rs 1,146.7 crore in Q2FY22. The private lender's net profit rose 10.6 percent quarter-on-quarter (QoQ) from Rs 1,631 crore in Q1FY23. Operating profit has gone up 10 percent year-on-year (YoY) and 3 percent sequentially to Rs 3,554 crore.
Provisions fell 33 percent YoY to Rs 1,141 crore in Q2FY23 from Rs 1,706.9 crore in Q2FY22, and it fell 8.7 percent QoQ from Rs 1,250.9 crore in Q1FY23. Its gross NPA as a percentage of its total loan book fell to 2.11 percent in Q2FY23 from 2.77 percent in Q2FY22, and from 2.35 percent in Q1FY23. The value of Gross NPA was Rs 5,567 crore in Q2FY23, which was a 10.8 percent YoY fall from Rs 6,245 crore in Q2FY22 and a 6.1 percent QoQ fall from Rs 5,932.9 crore.
The lender's loans went up 18 percent YoY and 5 percent QoQ to Rs 2,60,129 crore in Q2FY23. Deposits rose 15 percent YoY and 4 percent QoQ to Rs 3,15, 532 crore in Q2FY23. The bank's CASA has increased 15 percent YoY and 2 percent QoQ to Rs 1,33,525 crore, while the term deposits jumped 14 percent YoY and 6 percent QoQ to Rs 1,82,007 crore.
At 09:22 hrs IndusInd Bank was quoting at Rs 1,174.30, down Rs 44.05, or 3.62 percent on the BSE. It has touched an intraday high of Rs 1,217 and an intraday low of Rs 1,150.45.
Here what brokerages have to say after the bank's Q3 results:
Macquarie
The global research firm has maintained its outperform call on the stock with target at Rs 1,400 per share, an upside of over 19 percent from the current market price. "RoA expansion continues to impress us while strengthening asset quality is confidence inspiring. Reduction in slippage ratio to 2.5 percent from 3.7 percent a key highlight. Credit growth outlook positive amidst rising interest rate environment," it said, according to a CNBC-TV18 report.
Provisions fell 33 percent YoY to Rs 1,141 crore in Q2FY23 from Rs 1,706.9 crore in Q2FY22, and it fell 8.7 percent QoQ from Rs 1,250.9 crore in Q1FY23. Its gross NPA as a percentage of its total loan book fell to 2.11 percent in Q2FY23 from 2.77 percent in Q2FY22, and from 2.35 percent in Q1FY23. The value of Gross NPA was Rs 5,567 crore in Q2FY23, which was a 10.8 percent YoY fall from Rs 6,245 crore in Q2FY22 and a 6.1 percent QoQ fall from Rs 5,932.9 crore.
The lender's loans went up 18 percent YoY and 5 percent QoQ to Rs 2,60,129 crore in Q2FY23. Deposits rose 15 percent YoY and 4 percent QoQ to Rs 3,15, 532 crore in Q2FY23. The bank's CASA has increased 15 percent YoY and 2 percent QoQ to Rs 1,33,525 crore, while the term deposits jumped 14 percent YoY and 6 percent QoQ to Rs 1,82,007 crore.
At 09:22 hrs IndusInd Bank was quoting at Rs 1,174.30, down Rs 44.05, or 3.62 percent on the BSE. It has touched an intraday high of Rs 1,217 and an intraday low of Rs 1,150.45.
Here what brokerages have to say after the bank's Q3 results:
Macquarie
The global research firm has maintained its outperform call on the stock with target at Rs 1,400 per share, an upside of over 19 percent from the current market price. "RoA expansion continues to impress us while strengthening asset quality is confidence inspiring. Reduction in slippage ratio to 2.5 percent from 3.7 percent a key highlight. Credit growth outlook positive amidst rising interest rate environment," it said, according to a CNBC-TV18 report.
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