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 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.