IndusInd Bank Share tops Google search trending topics

IndusInd Bank shares slumped 15% to Rs 1,089 on Friday

IndusInd Bank's total income increased to Rs 13,530 crore during the quarter under review, as against Rs 10,719 crore in the same period last year, IndusInd Bank said in a regulatory filing. (File image)

IndusInd Bank Share was the top trending topic on Google search on Friday morning as the topic saw massive interest. As per trends.google, over 5k searches were made in a span of just one hour on Friday morning. The topic also witnessed an over 1000 percent surge in the search volume.

The sharp fluctuation in IndusInd Bank’s share price could be attributed to its disappointing quarterly earnings. On Friday, the bank’s shares plunged 15%, closing at Rs 1,089 after reporting a 39% year-on-year (YoY) decline in net profit for the quarter ending September 2024. The bank posted a net profit of Rs 1,325 crore for Q2, significantly below market expectations, which were set at Rs 2,138 crore.

Screengrab of trends.google

In comparison, the bank had recorded a profit of Rs 2,181.47 crore in the same quarter last year.

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As per Financial Express, IndusInd Bank posted a 40% year-on-year fall in its net profit to Rs 1,325 crore in the second quarter of the current financial year, impacted by rise in provisions for bad loans. The private lender’s bottom line missed expectations as analysts polled by Bloomberg had estimated the bank to post Rs 2,214 crore net profit in the quarter.

Net interest income, the difference between interest earned and paid, rose 5% to Rs 5,347 crore in the second quarter from Rs 5,077 crore in the same quarter of the previous fiscal.