IndusInd Bank Ltd.

NSE: INDUSINDBK | BSE: 532187 | ISIN: INE095A01012 |Industry: Banks
|Momentum Trap

IndusInd Bank Ltd.    
10 Jan 2019
Nirmal Bang Institutional
IndusInd Bank (IBL) reported its 3QFY19 results with the key takeaways being: (1) IBL took provision cover to IL&FS; parent exposure to ~30% and expects a cumulative provision requirement of 40-50% on this exposure to IL&FS; parent (2) NIM was largely flat, contracting 1 bp QoQ with management guiding for stable to improving margin (3) Corporate loan growth (ex MFI) at 34% YoY continued to outpace consumer finance growth at 28% YoY. (See detailed conference call takeaways from page 2) Per se, on the key P&L; items, IBL delivered NII, PPOP and PAT growth of 21%, 27% and 5% YoY to Rs22,881mn, Rs21,170mn and Rs9,850mn, respectively. We have retained Buy rating on IBL and revised our target price to Rs2,107 (from Rs2,139 earlier)....
Number of FIIs/FPIs holding stock rose by 17 to 642 in Mar 2019 qtr.
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