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.
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.
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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