IndusInd Bank Ltd.

NSE: INDUSINDBK | BSE: 532187 | ISIN: INE095A01012 |Industry: Banks
|Expensive Performer

IndusInd Bank Ltd.    
09 Jan 2019
1495.20
0.75%
Motilal Oswal
9 January 2019 IndusInd Banks (IIB) PAT grew by a muted 5% YoY to INR9.8b in 3QFY19 due to contingent provision of INR2.55b (toward infra group). NII grew 21% YoY, while NIM was largely flat at 3.83% on account of a rise in cost of funds. Total income increased 22% YoY on the back of healthy other income growth of 24% YoY. Core fees grew 18% YoY, led by higher forex income and loan processing fees. Opex growth (+16% YoY) trailed total income growth, resulting in robust 27% YoY growth in PPoP. Loan growth came in at 35% YoY, led by robust growth in the corporate segment. Consumer portfolio grew 28% YoY (+7% QoQ), led by strong traction in CV loans, equipment financing and credit card segments. The share of retail loans in total book stands at 39% (45% including business banking). MFI book stood at INR75.2b (4.34% of loans).
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Geojit BNP Paribas increased Hold price target of IndusInd Bank Ltd. to 1693.0 on 11 Jan, 2019.
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