IndusInd Bank remains flat despite strong Q2 business update | Business Upturn

IndusInd Bank remains flat despite strong Q2 business update

Shares of IndusInd Bank remained flat in opening trade today, down by .50% at Rs 1423 against its previous close of Rs 1,428.85.

On Friday, IndusInd Bank remained largely flat or ranged after opening at ₹1413.45, ending the session at ₹1413.4. Intraday, the stock hit a high of ₹1439.4 and a low of ₹1399.8.

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IndusInd Bank’s performance remained robust. As of September 30, 2023, the bank’s net advances stood at Rs. 3,14,928 crores, indicating a 5% quarter-on-quarter (QoQ) growth from Rs. 3,01,317 crores in June 2023 and a substantial 21% year-on-year (YoY) rise from Rs. 2,60,129 crores in September 2022.

The bank’s total deposits reached Rs. 3,59,819 crores by the end of Q3 2023, marking a 4% increase QoQ from Rs. 3,47,347 crores in June 2023 and a notable 14% surge YoY from Rs. 3,15,921 crores in September 2022.

However, there was a slight decline in the CASA (Current Account Savings Account) Ratio, which decreased to 39.4% as of September 30, 2023, in comparison to 39.9% in June 2023 and 42.4% in September 2022.

Despite this, the bank maintained a strong position in retail deposits and deposits from small business customers, totaling Rs. 1,57,178 crores as of September 30, 2023, compared to Rs. 1,50,691 crores in June 2023.