New Delhi: IndusInd Bank, a private lender, announced a larger-than-expected increase in second-quarter earnings on Wednesday, driven by strong loan growth and a decline in bad loan provisions.
In the three months that concluded on September 30, the company’s standalone profit—which includes the outcomes of affiliate Bharat Financial Inclusion—rose by 60.5% to Rs 1,787 crore ($215.2 million).
Refinitiv IBES data show that analysts anticipated a profit of Rs 1,742 crore.
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According to an exchange report by the Mumbai-based lender, provisions decreased by 33% during the quarter.
A measure of asset quality known as gross bad loans as a percentage of total loans decreased to 2.11% at the end of September from 2.35% at the end of June.
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IndusInd said its quarterly net advances climbed 18% year over year and 5% sequentially earlier this month.
Given that lending increased despite numerous rate increases by the central bank, Indian lenders are anticipated to report solid results for the second quarter. Leading private lender HDFC Bank announced a 20% increase in profit last week.
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