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Shares of private sector lender <a target="_blank" href="https://mintgenie.livemint.com/stocks/indusind-bank-S0003023">IndusInd Bank </a>jumped 4 percent on Monday after the lender announced an improvement in its business for the first quarter of the financial year 2022-23 (Q1FY23).

According to a BSE filing posted by the lender, it posted a 13 percent rise in its total deposits to ₹3.03 lakh crore in Q1FY23, as against ₹2.67 lakh crore in the year-ago period. Meanwhile, its net advances also surged 18 percent to ₹2.49 lakh crore in the June quarter versus ₹2.10 lakh crore a year ago.

It also witnessed a rise in its CASA Ratio to 43.2 percent in Q1FY23 from 42.1 percent in Q1FY22 and 42.8 percent in the previous quarter (Q4FY22), the company announced.

The BSE filing also showed that IndusInd's retail deposits and deposits from small business customers amounted to ₹1.24 lakh crore as of June 30, 2022, as compared to ₹1.20 lakh crore as of March 31, 2022.

In a recent report, domestic brokerage house Motilal Oswal remained bullish on the stock due to a strong pick-up in loan growth. It maintained a 'buy' call on the stock with a target price of ₹1,300, indicating a massive upside of 61 percent."The bank continued to report a strong pick-up in loan growth and we expect this trend to remain healthy which is likely to support margins," it said in the note. It further said that the lender's deposit franchise is growing steadily with a sustained focus on ramping up of retail deposits.However, improvements in asset quality will be the key monitorable, it added.The stock rose as much as 4 percent to its day's high of ₹839.80. It ended 3 percent higher at ₹831.35 as against a 0.6 percent rise in BSE Senses. The scrip has lost 20 percent in the last 1 year and 6 percent in 2022 so far.

IndusInd Bank rises 4% in intra-day as business performance improves in first quarter

According to a BSE filing posted by the lender, it posted a 13 percent rise in its total deposits to ₹3.03 lakh crore in Q1FY23, as against ₹2.67 lakh crore in the year-ago period. Meanwhile, its net advances also surged 18 percent to ₹2.49 lakh crore in the June quarter versus ₹2.10 lakh crore a year ago.

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