IndusInd Bank's bad loans decline in Q1; stock hits 52-week high

Shares of IndusInd Bank rose nearly 4 per cent to hit a 52-week high of Rs 1,443.35 apiece on the BSE. The buying interest in the scrip came after the company posted a decline in bad loans and a 30 per cent rise in net profit at Rs 2,124 crore for the June quarter (Q1FY24).

At around 10:10 AM, shares of IndusInd Bank were trading 1.7 per cent higher on the BSE at Rs 1414 apiece. The market capitalisation of the private sector bank stood at Rs 1,09,729.64 crore. The scrip closed 2 per cent higher on BSE at Rs 1420 apiece. 

Brokerage's view

Global brokerages are bullish on IndusInd Bank and have raised their price target.

IndusInd Bank Q1 results

IndusInd Bank posted a 30 per cent rise in net profit to Rs 2,124 crore for the June quarter, compared to Rs 1,631 crore logged in the year-ago period. The bank's total income in Q1 of the current fiscal rose to Rs 12,939 crore from Rs 10,113 crore seen in the same period a year ago.

The bank's asset quality improved as gross non-performing assets (NPAs) declined to 1.94 per cent against 2.35 per cent year-on-year (YoY). Meanwhile, the lender's NPAs, or bad loans, eased to 0.58 per cent as against 0.67 per cent in the year-ago period.

IndusInd Bank share price historic performance

So far in 2023, IndusInd Bank's shares have gained over 15 per cent against the Nifty50's rise of nearly 9 per cent.

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