IndusInd Bank share price rises over 3% to hit 52-week high on strong Q1 business update
₹1,413.55 apiece on the BSE after the company reported strong business update for the first quarter ended June 2023. The bank’s net advances grew 21% to ₹3,01,041 crore in Q1FY24 from ₹2,47,960 crore in the same period last year. On a sequential basis, advances growth was 4% as compared to ₹2,89,924 crore in the quarter ending March 2023.
IndusInd Bank’s deposits as of June 2023 was ₹3,47,356 crore, registering a rise of 15% from ₹3,03,078 crore, YoY, and a growth of 3% from ₹3,36,438 crore, QoQ. Also Read: HDFC Bank Q1 Update: Advances grow 13.1% to ₹16.15 lakh crore; deposits rise by 19.2% YoY Retail deposits and deposits from small business customers amounted to ₹1,50,691 crore as of June 30, 2023, as compared to ₹1,43,021 crore as of March 31, 2023, the bank said in an exchange filing. CASA Ratio for the quarter was 39.9%, down from 43.2% in the June quarter last year.
Brokerage firm Prabhudas Lilladher Pvt Ltd expects IndusInd Bank's loan growth to be a tad higher to system and likely to be around 3% QoQ. “Retail deposit accretion remains a key and granular deposits have been inching up with share of 43.4% as at Q1'23 vs 42.5% in Q4'23 and 41.0% in Q1'23, which is a positive," said Gaurav Jani, Research Analyst, Prabhudas Lilladher Pvt Ltd. The brokerage firm has a Buy rating on the stock with a target price of ₹1,530 per share.
Meanwhile, earlier on Monday, IndusInd Bank’s promoter IndusInd International Holdings Ltd (IIHL) approved raising up to $1.5 billion to increase its shareholding in the lender to 26% from the current 15%. The promoter stake increase will help the bank fund the acquisition of Reliance Capital. Shares of IndusInd Bank have rallied more than 71% in the last one year period. At 10:20 am, the
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