IndusInd Bank share price zooms 20% as advances, deposits rise in March

IndusInd Bank was the top gainer on Sensex and Nifty today after the private sector lender posted jump in its advances and deposits for March, despite the nationwide lockdown.

Post the announcement, IndusInd Bank shares climbed 20.67% intraday to Rs 378. Earlier, shares of IndusInd Bank opened with a gain of 9.99% against closing value of Rs 313.25 on BSE. Share price of IndusInd Bank has risen 2.24% in one week.

The lender's net advances rose 12.6% year-on-year to Rs 2,09,914 crore as of March 31, 2020, as against Rs 1,86,393 crore in a year-ago period. The lender reported 1% monthly jump from Rs 2,07,413 crore recorded as of December 31, 2019.

The bank's deposits rose 3.8% y-o-y to Rs 2,16,713 crore from Rs 1,94,868 crore. However, they declined 6.7% on a quarterly basis.

The filing further added bank's CASA (Current and Savings Account ratio) ratio stood at 40.5% compared with 42.4% as of December 31, and 43.1% a year-ago quarter.

In another update, India Ratings has revised IndusInd Bank's outlook to 'negative' from 'stable' while affirming the long-term issuer rating at AA-plus.

Moody's Investors Service (Agency) has also placed lender's domestic and foreign currency issuer ratings of Baa3/P-3 under review for downgrade. The bank's ba1 baseline credit assessment (BCA) and adjusted BCA have also been placed under review for downgrade by the agency.

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