IndusInd Bank share price soars as deposits rise 11% YoY in Q3 FY21

IndusInd Bank rose 1.16% to Rs 908 after the private lender said its deposits increased 11% to Rs 2,39,600 crore in Q3 December 2020 from Rs 2,16,713 crore in Q3 December 2019.

Deposits rose 4.96% last month compared with Rs 2,28,279 crore in Q2 September 2020. Retail deposits and deposits from small business customers amounted to Rs 85,914 crore in Q3 FY21, up by 13.63% from Rs 75,610 crore in Q2 FY21.

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IndusInd Bank’s net advances stood at Rs 2,07,691 crore in Q3 FY21, a tad higher compared with Rs 2,07,413 crore in the same period last year.

Sequentially, the bank’s net advances rose 3.20% in December 2020 from Rs 2,01,247 crore in Q2 FY21.

CASA ratio was at 40.5% as of December 30, 2020, as against 42.4% as of December 30, 2019, and 40.4% as of September 30, 2020.

IndusInd Bank caters to the needs of both consumer and corporate customers.

The bank reported a 53.2% decline in net profit to Rs 647.04 crore on 1.6% fall in total income to Rs 8,731.05 crore in Q2 FY21 over Q2 FY20.