Home Business Buoyed by credit growth, IndusInd Bank sees higher-than-expected profits in Q2

Buoyed by credit growth, IndusInd Bank sees higher-than-expected profits in Q2

Earlier this month, IndusInd had said that its quarterly net advances grew 18% year-on-year. (file)

Bangalore:

Indian private lender IndusInd Bank on Wednesday reported a higher-than-expected jump in second-quarter profit, fueled by strong credit growth and a fall in provisions for bad loans.

The company’s standalone profit, which does not include the results of the unit Bharat Financial Inclusion, jumped 60.5% to INR 17.87 billion ($215.2 million) in the three months ended September 30.

According to data from Refinitiv IBES, analysts were expecting a profit of Rs 17.42 billion.

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

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

Earlier this month, IndusInd had said that its quarterly net advances grew 18% year-on-year and 5% sequentially.

Indian lenders are expected to report strong numbers for the second quarter as lending picks up even amid a rate hike by the central bank. Last week, top private lender HDFC Bank reported a 20% jump in profit.

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

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