Moneycontrol
Apr 21, 2017 01:37 PM IST | Source: Moneycontrol.com

Buy IndusInd Bank; target of Rs 1570: ICICI Direct

ICICI Direct is bullish on IndusInd Bank has recommended buy rating on the stock with a target price of Rs 1570 in its research report dated April 20, 2017.

Buy IndusInd Bank; target of Rs 1570: ICICI Direct

ICICI Direct's report on IndusInd Bank


Profit continued to increase at a healthy 21% YoY to Rs 752 crore. However, this traction is lower than the previous trajectory. This was largely due to the Rs 122 crore extra provision made. Excluding extra one-off provision, PAT growth would have been higher.


Outlook


We revise our TP higher to Rs 1570 (valuing at 3.5x FY17E ABV). We maintain BUY recommendation. The bank initiated planning cycle four for FY18-20 with a focus on retail, MFI, doubling the assets book and reaching CASA ratio of 40%.


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