IndusInd Bank's net profit for the three-month period jumped 55.8 percent compared with the corresponding quarter a year ago, with a 17.6 percent rise in net interest income — or the difference between interest earned and interest paid. (Read more on IndusInd results)

Analysts in a CNBC-TV18 poll had estimated the lender's quarterly net profit at Rs 1,786.7 crore.

The private sector bank's asset quality improved, with gross bad loans a percentage of total loans falling by 620 bps sequentially.

IndusInd Bank's net interest margin — a key measure of profitability for lenders — came in at 4.24 percent, the highest level in nine quarters.

According to JPMorgan, the expansion in the bank's NIM is relatively lower compared to its peers but the quarterly performance aids confidence about its return to a normalised return on equity of 15-16 percent by March 2025. The brokerage believes IndusInd's valuation remains undemanding.

Credit Suisse raised its loan growth estimate for IndusInd considering its strong performance in the six months till September 2022.

The brokerage raised its earnings per share estimates for the lender for the years ending March 2023, March 2024 and March 2025 by 1-2 percent.

Macquarie is of the view that IndusInd's credit growth outlook is positive amid the current environment of rising benchmark interest rates.