IndusInd Bank shares climb 2% after September quarter earnings

New Delhi: Shares of IndusInd Bank climbed 2 per cent, adding Rs 2,292.31 crore to its market valuation, on Thursday after the company reported a 22 per cent growth in the September quarter net profit.

After a positive beginning, the stock further jumped 3 per cent to Rs 1,464.25 on the BSE during the day. It later ended at Rs 1,450.30, up 2.08 per cent.

On the NSE, it climbed 1.95 per cent to settle at Rs 1,448.05 apiece.

The company added Rs 2,292.31 crore taking its market valuation to Rs 1,12,696.24 crore.

In terms of volume, 4.63 lakh shares of the company were traded on the BSE and over 1.39 crore shares on the NSE during the day.

The company's September quarter earnings came in after trading hours on Wednesday.

IndusInd Bank on Wednesday reported a 22 per cent growth in the September quarter net profit at Rs 2,202 crore on the back of a surge in core income and also a dip in provisions.

The private sector lender had reported a net profit of Rs 1,805 crore in the year-ago period.

Its core net interest income increased 18 per cent to Rs 5,077 crore on the back of a 21 per cent jump in advances. The net interest margin widened to 4.29 per cent in the period under review, from 4.24 per cent in the year-ago period.

Its other income increased to Rs 2,282 crore during the reporting quarter, as compared to Rs 2,011 crore in the July-September period last year.

On the asset quality front, the gross non-performing assets ratio improved to 1.93 per cent from 2.11 per cent in the year-ago period.

The overall provisions dipped to Rs 973.81 crore from the year-ago period's Rs 1,141.05 crore, helping the bank's overall profits.