IndusInd Bank, a leading private sector bank in India, witnessed a surge in its share price, crossing a 52-week high of Rs 1,400.90 in early trade on July 5. The impressive performance was driven by the bank’s robust business updates for the April-June quarter, highlighting substantial growth in net advances and deposits.
IndusInd Bank exhibited remarkable growth in net advances during the first quarter of FY24. The figures soared by 21 percent, reaching Rs 3.01 lakh crore compared to Rs 2.47 lakh crore in the corresponding quarter of the previous fiscal year. Sequentially, advances registered a notable increase of 4 percent, indicating the bank’s sustained growth momentum.
The bank also showcased significant growth in deposits, reflecting the trust and confidence of its customers. Deposits rose by 15 percent year-on-year, reaching Rs 3.47 lakh crore. On a sequential basis, deposits witnessed a 3 percent increase. The bank’s retail deposits and deposits from small business customers stood at Rs 1.5 lakh crore as of June 30, as compared to Rs 1.4 lakh crore as of March 31.
While the bank celebrated substantial growth in net advances and deposits, there was a slight dip in the CASA (current account and savings account) ratio. In Q1, the CASA ratio slipped to 39.9 percent, marking its lowest point in 24 quarters, compared to 43.2 percent in the same period last year. However, the bank remains focused on managing its CASA portfolio and further strengthening its relationship with customers to enhance deposit inflows.
IndusInd Bank is committed to its strategic vision of sustainable growth, customer-centricity, and innovation. The bank continues to invest in technology, digital banking solutions, and personalized services to deliver a seamless and enhanced banking experience to its customers.
The positive business updates from IndusInd Bank had a significant impact on its stock performance. The bank’s shares witnessed a rise of over 2 percent and reached a 52-week high of Rs 1,400.90 during early trade on July 5. The surge in share price highlights the confidence of investors in the bank’s strong financial performance and future growth prospects.
IndusInd Bank’s remarkable Q1 business updates showcase its resilience and ability to navigate through challenging market conditions. With substantial growth in net advances and deposits, the bank demonstrates its commitment to driving progress and delivering value to its stakeholders. As the bank continues to focus on strategic initiatives and strengthening customer relationships, it is well-positioned to capitalize on emerging opportunities and maintain its growth trajectory in the Indian banking sector.
