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Buy IndusInd Bank; target of Rs 1137: Geojit

Geojit is bullish on IndusInd Bank has recommended buy rating on the stock with a target price of Rs 1137 in its research report dated August 02, 2021.

August 10, 2021 / 14:07 IST
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    Geojit's research report on IndusInd Bank

    IndusInd Bank (IIB), a part of the Hinduja Group, provides loans for vehicles, property, etc. in its consumer finance division, while the corporate banking division offers a wide range of products to SMEs and large enterprises. For Q1FY22 standalone, NII income reached Rs. 3,564cr (7.7% YoY, 0.8% QoQ) with NIM of 4.06% (-22bps YoY, -7bps QoQ). CASA ratio reached 42.0% (vs 41.7% in Q4FY21). Loan book stood at Rs. 210,727cr (-0.8% QoQ), Deposits grew to Rs. 267,233cr (4.3% QoQ). GNPA/NNPA climbed to 2.88%/0.84% (vs. 2.67%/0.69% in Q4FY21) respectively. The interest spreads are expected to improve over long-term due to higher yields from advances. Also, the bank is well capitalised to handle any stress from loan losses or moderate asset quality deterioration.

    Outlook

    Hence we retain our rating to BUY with a revised target price of Rs. 1,137 using 1.6x FY23.

    For all recommendations report, click here

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    Broker Research
    first published: Aug 10, 2021 02:07 pm

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