IndusInd Bank jumps to 52-week high on robust Q1 business update
IndusInd Bank's stock surged over 3% on the BSE, reaching a 52-week high of ₹1,413.55 per share, driven by the bank's robust Q1FY24 business update.
During Q1FY24, IndusInd Bank reported a notable 21% growth in net advances, reaching ₹3,01,041 crore compared to the ₹2,47,960 crore recorded in the corresponding period of the previous year. Advances during the first quarter of fiscal year 2023 witnessed a sequential growth of 4%, reaching ₹2,89,924 crore compared to the previous quarter ending March 2023.
The bank's deposits as of June 2023 stood at ₹3,47,356 crore, marking a year-on-year growth of 15% from ₹3,03,078 crore, and a quarter-on-quarter growth of 3% from ₹3,36,438 crore.IndusInd Bank emphasized that the combined retail deposits and deposits from small business customers amounted to ₹1,50,691 crore as of June 30, 2023, showing growth from ₹1,43,021 crore reported on March 31, 2023.
However, IndusInd Bank's CASA Ratio witnessed a decline during the June quarter, dropping to 39.9% from 43.2% in the corresponding quarter of the previous year.
Additionally, the bank's promoter, IndusInd International Holdings Ltd (IIHL), has approved a plan to raise up to $1.5 billion to increase its stake in the bank from the current 15% to 26%. This strategic move aims to provide financial support for the bank's acquisition of Reliance Capital. It is noteworthy that IndusInd Bank's shares have rallied by over 71% in the past year.
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