IndusInd Bank, a leading private sector bank in India, witnessed a significant boost in its consolidated net profit for the April-June quarter, resulting in a surge of nearly 4% in its share prices. The company’s stellar financial performance was driven by robust core income growth and reduced provisions for bad loans.

Shares of IndusInd Bank soared by 3.81% on the Bombay Stock Exchange (BSE), reaching a 52-week high of Rs 1,443.35. Simultaneously, at the National Stock Exchange (NSE), the stock jumped by 3.82% to touch its 52-week high of Rs 1,443.40.

The broader market indices also experienced an upward trajectory during morning trading. The 30-share BSE Sensex witnessed a substantial climb of 321.91 points, setting a new all-time intraday peak of 67,117.05. The NSE Nifty recorded a gain of 92.4 points, reaching a record intraday high of 19,841.65.

IndusInd Bank’s consolidated net profit for the April-June quarter stood at Rs 2,124.50 crore, reflecting an impressive 30% increase. This notable growth was primarily attributed to an 18% rise in core net interest income, amounting to Rs 4,867 crore, supported by a 22% surge in advances and a net interest margin expansion to 4.29%.

The bank’s other income also witnessed a healthy growth of 14%, reaching Rs 2,210 crore, while overall deposits experienced a 15% rise. Notably, the bank’s provisions for bad loans decreased to Rs 991 crore, marking the best performance in three years, compared to Rs 1,251 crore in the corresponding period of the previous year.

In terms of asset quality, IndusInd Bank exhibited improvement, as the gross non-performing assets (NPAs) ratio declined to 1.94% from 2.35% in the year-ago period and 1.98% in the previous quarter.

IndusInd Bank’s impressive financial results have instilled confidence in investors, leading to a surge in share prices and setting new milestones in the equity market.