IndusInd Bank shares jump 8 pc on June quarter earnings

New Delhi: Shares of IndusInd Bank climbed 8 per cent on Thursday after the company reported a 60.5 per cent jump in net profit for the June quarter.

The stock jumped 7.88 per cent to settle at Rs 948.15 apiece on the BSE. During the day, it advanced 9.36 per cent to Rs 961.20.

On the NSE, it rallied 8.09 per cent to settle at Rs 950.50 apiece.

The company's market valuation advanced by Rs 5,368.36 crore to Rs 73,491.36 crore on the BSE.

It was the biggest gainer on both the BSE Sensex and NSE Nifty.

The BSE benchmark ended 284.42 points or 0.51 per cent higher at 55,681.95 and the Nifty climbed 84.40 points or 0.51 per cent to 16,605.25.

In volume terms, 7.11 lakh shares of the company were traded on the BSE and over 2.35 crore shares on the NSE during the day.

On Wednesday, IndusInd Bank reported a 60.5 per cent jump in net profit at Rs 1,631.02 crore for the quarter ended June, mainly due to a fall in bad loans.

The private sector lender had posted a net profit of Rs 1,016.11 crore in the year-ago period.

In the first quarter of the current fiscal, the bank's total income increased to Rs 10,113.29 crore, as against Rs 9,298.07 crore in the same period a year ago.

The bank witnessed an improvement in its gross Non-Performing Assets (NPAs) at 2.35 per cent of the gross advances at the end of June, as against 2.88 per cent in the year-ago period.