Sharekhan's research report on IndusInd Bank
Bank does not anticipate risk to spill over and is reasonably confident on full year credit cost guidance of 110-130 bps in FY25E. Reports suggest that the board is likely to forward Mr. Sumant Kathpalia’s name to the RBI this month, seeking approval for a fresh three-year term as MD & CEO. Stock trades at 1.6x/1.4x its BV estimates for FY2025E/FY2026E. We believe sustained earnings progression is key for outperformance along with better outcome on retail asset quality front. Risk reward looks favorable.
Outlook
We reiterate a Buy on IndusInd Bank (IIB) with an unchanged PT of Rs. 1,750. Near-term business outlook remains comfortable except for the elevated slippages in the credit card and microfinance portfolios that would normalise by FY25.
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