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Last Updated : Oct 06, 2020 03:20 PM IST | Source: Moneycontrol.com

IndusInd Bank shares jump 4% on provisional numbers for Q2FY21

Advances registered a 2 percent year-on-year growth and 1 percent sequential growth in the September quarter, the bank has told exchanges.

 
 
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IndusInd Bank share price gained more than 4 percent intraday on October 6 after reporting provisional numbers for Q2FY21.

Deposits in July-September quarter grew at 10 percent compared to the same period last year and 8 percent compared to the previous quarter, the private sector lender said in its BSE filing.

Advances registered a 2 percent year-on-year growth and 1 percent sequential growth in the September quarter, the bank added.

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IndusInd said CASA deposit ratio marginally improved sequentially by 30bps to 40.4 percent, but declined by 100 bps YoY. "Retail deposits and deposits from small business customers amounted to Rs 75,610 crore as of September 2020 as compared to Rs 67,318 crore as of June 2020."

"On the deposit front bank did a bit better than advance growth compared to the historical trend. Investors would like to have better clarity on the moratorium book and the possibility of fresh slippages," Jaikishan Parmar, Senior Equity Research Analyst at Angel Broking said.

Guidance on slippages from the moratorium book and asset quality would be key for rerating in Q2FY21 results, he added.

He said IndusInd Bank trades at 1.3x of trailing ne tworth. The stock touched an intraday high of Rs 627.80. At 14:55 hours IST, it was trading at Rs 624.35 on the BSE, up 3.76 percent.
First Published on Oct 6, 2020 03:20 pm
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