We expect IndusInd Bank (IIB) to further build on the 1.7% RoA and 13.4% RoE delivered in Q1FY23, thereby reaffirming our confidence in its ability to deliver >5% PPoP / loans, 1.7% / 1.9% RoAs and 15% / 16% RoEs by FY23E / FY24E respectively.