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Buy Indusind Bank; target of Rs 1410: YES Securities

YES Securities is bullish on Indusind Bank has recommended buy rating on the stock with a target price of Rs 1410 in its research report dated April 24, 2023.

April 25, 2023 / 15:14 IST
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    YES Securities' research report on Indusind Bank

    Slippages were still somewhat elevated for IIB, partly contributed to by a relatively chunky corporate account: Slippages for the quarter contained a corporate account worth Rs 1.75bn that slipped from the restructured book. Management guided that slippages would range between Rs 9-12bn or about 1.7% of asset book. Restructured advances were at 0.84% of total advances. Provisions were Rs 10.3bn, down by -3.3% QoQ and -29.5% YoY, which translated to a credit cost of 142 bps for the quarter compared with 156 bps in 3Q. Management guided that the credit cost would be in the range of 110-130 bps.

    Outlook

    We maintain ‘Buy’ rating on IIB with a revised price target of Rs 1410: We value the bank at 1.8x FY24 P/BV for an FY24E/25E RoE profile of 14.3%/15.2%.

    For all recommendations report, click here

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    Indusind Bank - 25 -04 - 2023 - yes

    Broker Research
    first published: Apr 25, 2023 03:14 pm

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