Sharekhan's research report on IndusInd Bank
IndusInd Bank has a strong asset quality position (with front-loaded provisions) that has led to an improved balance sheet; healthy capitalisation makes it well-placed to capture growth in FY22E and FY23E. Collections efficiency (CE) has been recovering; overall vehicle collection efficiency was at 96.9% and MFI CE was at 94.4%, which is encouraging. IIB has total provisions at 188% of GNPAs and 111% of proforma GNPA are a cushion in the present environment.
Outlook
At 1.8x/1.6x its FY2022E/FY2023E BVPS, we maintain a Buy rating on stock with a revised PT of Rs. 1,340.
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