IndusInd Bank board to consider fundraising on July 20
IndusInd Bank’s board of directors will meet on July 20 to consider fundraising. In a regulatory filing on Tuesday, IndusInd Bank informed about its board meeting to be held on July 20 to consider and approve other business and fundraising. The bank will declare its June quarter earnings today.
In Q1FY24, IndusInd Bank is expected to report stable margins and healthy loan growth. During the quarter, IndusInd Bank’s net profit is likely to rise around 33% year-on-year (YoY) to ₹2,180 crore, while it is expected to see net interest income growth of 18% YoY at ₹4,850 crore. Read here: IndusInd Bank Q1 Result Preview: Net profit may rise 33%, NII likely to grow 18% YoY amid healthy loan growth The pre-provision operating profit (PPOP) in Q1FY24 is expected to rise around 10-12% YoY, while fee income growth may be around 19% YoY.
Margins are expected to remain stable QoQ at 4.29%. “Expect asset quality and slippages to improve further given normalisation in micro finance institutions (MFI) and commercial vehicle (CV) business. Expect margin to be broadly stable Credit cost to witness a gradual moderation as PCR remains healthy," Motilal Oswal Financial Services said.
The shares of IndusInd Bank traded flat ahead of the Q1 earnings release. At 2:00 pm, IndusInd Bank shares were trading 0.27% higher at ₹1,396.40 apiece on the BSE. Catch Live Market Updates here
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