India`s IndusInd Bank reports bigger-than-expected Q2 profit
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Indian private lender IndusInd Bank reported a bigger-than-expected jump in second-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 60.5% to 17.87 billion Indian rupees ($215.2 million) in the three months ended Sept. 30.
Analysts were expecting a profit of 17.42 billion rupees, according to Refinitiv IBES data.
Provisions dropped 33% in the quarter, the Mumbai-based lender said in an exchange filing.
Gross bad loans as a percentage of total loans –– a measure of asset quality –– eased to 2.11% at the end of September, from 2.35% at the end of June.
Earlier this month, IndusInd had said its quarterly net advances increased 18% year-over-year and 5% sequentially.
Indian lenders are expected to report strong numbers for the second quarter as lending picked up even amid a slew of central bank rate hikes. Last week, top private lender HDFC Bank reported a 20% jump in profit.
($1 = 83.0380 Indian rupees)
