ICICI Direct's research report on IndusInd Bank
IndusInd Bank is a Hinduja group promoted newer age private sector bank and is the fifth largest private bank in India. Vehicle finance forms around 26% of overall loans • Strong pan-India presence with 2600 branches as on March 2022. IndusInd Bank reported an in line performance. Loan growth up 21.3% YoY. NII up 17.3% YoY, NIMs steady QoQ at 4.28% • PPP up 12.7% YoY. Lower provision leads to ~50% YoY jump in PAT • GNPA down 8 bps QoQ to 1.98%. Restructured book down 40 bps to 0.84%.
Outlook
Thus, we retain our BUY rating on the stock. We value the bank at ~1.7x FY25E ABV and maintain our target price at Rs 1450 per share.
For all recommendations report, click here
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