Shares of IndusInd Bank gained over 5% today after a report said the Reserve Bank of India is likely to extend the bank’s CEO Sumant Kathpalia’s term by another three years. Kathpalia’s current term as the CEO ends on March 24 this year. The board of the private sector lender had approved approved a three-year extension for Kathpalia in September 2022 and is awaiting approval from the RBI.
Shares of IndusInd Bank gained up to 5.12% to Rs 1178.75 against the previous close of Rs 1121.15 on BSE. Later, they closed 4.75% higher at Rs 1174.70. The stock was the top gainer on Sensex and Nifty today.
On Nifty , it ended 4.81% higher at Rs 1174.50.
The stock of the lender has lost 3.85% this year and risen 39.77% in the last one year. Total 2.95 lakh shares of the firm changed hands amounting to a turnover of Rs 33.99 crore on BSE. Market cap of the bank rose to Rs 91,122 crore.
In terms of technicals, the relative strength index (RSI) of IndusInd Bank stands at49.1, signaling it’s trading neither in the overbought zone nor in the oversold zone. The banking stock has a one-year beta of 1.4, indicating very high volatility during the period. IndusInd Bank shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
The stock hit a 52 week high of Rs 1275.25 on September 20, 2022 and a 52 week low of Rs 763.75 on June 23, 2022.
The lender posted a profit of Rs 1,959.20 crore up 68.71% YoY in Q3 from a profit of Rs 1,161.27 crore in the corresponding quarter last year. The lender also logged a significant drop in gross NPAs and provisions during the quarter. Asset quality improved as gross non-performing assets as a percentage of total loans was down to 2.06% from 2.48% a year ago and 2.11% a quarter ago.
Net non-performing assets as a percentage of total loans fell to 0.62% from 0.71% a year ago and largely stable on a sequential basis. Consolidated net interest margin of the lender rose to 4.27% from 4.10% a year ago and 4.24% a quarter ago.
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