IndusInd Bank share price jumped 3% on Monday after the private sector lender reported strong business performance in the first quarter of this fiscal. The bank recorded an 18% on-year growth in its net advances at Rs 2.49 lakh crore for the quarter ending June 30, 2022, compared to Rs 2.10 lakh crore in Q1 of the last fiscal year. In this year’s initial quarter, bank’s total deposits jumped by 13% to Rs 3.03 lakh crore, as against Rs 2.67 lakh crore from the previous year. The CASA Ratio increased to 43.2% from 42.1% last year, while the retail deposits and deposits from small business customers amounted to Rs 1.24 lakh crore as compared to Rs 1.20 lakh crore as of March 31, 2022.
So far this year, IndusInd Bank share price has tanked over 9%. However, analysts at Motilal Oswal Financial Services believe that the stock may rally up to 61% going forward. IndusInd Bank shares were trading at Rs 832 apiece, around 3% above its previous close of Rs. 807.5. It touched the day’s high of Rs 839.80. The scrip has given a three-year return of -45.94% as compared to Nifty 100 which gave a return of 33.22 per cent. Motilal Oswal has a positive outlook on the stock. “IIB continued to report a strong pick-up in loan growth and we expect this trend to remain healthy which is likely to support margins,” the brokerage said.
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