01-01-1970 12:00 AM | Source: IANS
India's IndusInd Bank posts bigger-than-expected Q3 profit jump
Indian private lender IndusInd Bank reported a bigger-than-expected jump in third-quarter profit on Wednesday, lifted by strong loan growth and a drop in provisions for bad loans.
The company's standalone profit, which excludes results of unit Bharat Financial Inclusion, jumped 68.7% to 19.59 billion rupees ($241 million) in the three months ended Dec. 31.
Analysts were expecting a profit of 18.59 billion rupees, according to Refinitiv IBES data.
Provisions dropped 35.6% in the quarter, the Mumbai-based lender said in an exchange filing.
Indian lenders are expected to report strong numbers for the October-December quarter as lending picked up even amid a slew of central bank interest rate hikes.
Latest News
RBI tweaks rules to cut risk banks face in exposure ...
Raymond posts 18 per cent jump in Q4 net profit at R...
Daily Market Commentary : Nifty after marking a new ...
Priyanka says being part of `Womb` has been nothing ...
Buy Zinc Above 259 SL. BELOW 256 TGT 263/264 - Axis...
From Alaya F to Daler Mehndi & Sudhanshu Pandey, cel...
T20 World Cup: `Four spinners... Rinku Singh should ...
Shubhankar Sharma, Gaganjeet Bhullar seek golfing br...
BIPF`s 11 th Shambhavi Puraskar honours efforts for ...
Mahindra & Mahindra received record 674 patents in FY24