Jan-29, 2022, US economical news and Updates
Private sector lender IndusInd Bank's consolidated net profit jumped 50 per cent to Rs 1,242 crore in the October–December quarter (Q3) of FY22, aided by healthy net interest income and lower provisions. In the corresponding period of last year, the bank had reported a net profit of Rs 830 crore. The bank's standalone net profit for the period was up 36 per cent to Rs 1,161 crore.
Net interest income of the lender, the difference between interest earned and interest expended, increased 11 per cent to Rs 3,794 crore in the reporting quarter while net interest margin, a measure of profitability, stood at 4.10 per cent, up 3 basis points sequentially.
Other income rose 14 per cent to Rs 1,877 crore in Q3FY22 as against Rs 1,646 crore while core fee income grew 9 per cent YoY to Rs 1,519 crore as against Rs 1,389 crore in the corresponding quarter of previous year.
On the other hand, For more than a year it seemed as if the stock market could only go up, buoyed by a river of money that gushed from the government. In the past week, that illusion has been shattered.
Growing certainty that the Federal Reserve intends to raise interest rates, most likely as early as March, sent investors scurrying. On Monday, the Dow Jones Industrial Average moved 1,000 points in a single day—twice. It sank more than 3%, then roared back up to close with a gain. Stocks gyrated the rest of the week, with the S&P 500 down more than 9% so far in 2022 and the Nasdaq-100 index off more than 14%.
Private sector lender IndusInd Bank's consolidated net profit jumped 50 per cent to Rs 1,242 crore in the October–December quarter (Q3) of FY22, aided by healthy net interest income and lower provisions. In the corresponding period of last year, the bank had reported a net profit of Rs 830 crore. The bank's standalone net profit for the period was up 36 per cent to Rs 1,161 crore.
Net interest income of the lender, the difference between interest earned and interest expended, increased 11 per cent to Rs 3,794 crore in the reporting quarter while net interest margin, a measure of profitability, stood at 4.10 per cent, up 3 basis points sequentially.
Other income rose 14 per cent to Rs 1,877 crore in Q3FY22 as against Rs 1,646 crore while core fee income grew 9 per cent YoY to Rs 1,519 crore as against Rs 1,389 crore in the corresponding quarter of previous year.
On the other hand, For more than a year it seemed as if the stock market could only go up, buoyed by a river of money that gushed from the government. In the past week, that illusion has been shattered.
Growing certainty that the Federal Reserve intends to raise interest rates, most likely as early as March, sent investors scurrying. On Monday, the Dow Jones Industrial Average moved 1,000 points in a single day—twice. It sank more than 3%, then roared back up to close with a gain. Stocks gyrated the rest of the week, with the S&P 500 down more than 9% so far in 2022 and the Nasdaq-100 index off more than 14%.