IndusInd Bank Stock Jumps Despite Q4 Net Profit Falls 62pc

IndusInd Bank reported its earnings results for the March-ended quarter during market hours, Wednesday. The Bank posted more than 62pc declines in its net profit for the said quarter at Rs360.10-cr from Rs953.09-cr that was in the corresponding period, last year. 

Provisions and contingencies reportedely increased about five times higher to Rs1560.69-Cr during the last quarter FY 2018-19, with regard to Rs.335.55 a year ago. In the quarter Dec-ended, its provisions and contingencies stood at Rs606.68-cr.  The asset quality worsened, with gross NPAs mounting to 2.10% in the March 2019 quarter from 1.13% in the previous quarter.

The Bank’s BoD recommended a dividend of Rs7.50-per share on face value of Rs 10/-

Shares of IndusInd Bank rose even after the lender’s profit soared to 62pc extent.  At around 3pm, shares of IndusInd bank quoted at Rs.1514per share, up by 4.58pc from its previous close of Rs1447.75 on the NSE.  The stock touched an intraday high at Rs.1536.85 and a low of Rs.1382.30.  Meantime, Sensex hit high at 39100-level up 130pts and the Nifty at 11,735-level, up by 26 pts.