Sharekhan's research report on IndusInd Bank
The ability to manage NIMs in the current environment along with being a key beneficiary in the interest rate reversal cycle would keep the sentiment positive. Key focus is on strengthening the liability franchise and delivering sustained healthy growth. Return ratios have reasonable support from lower credit costs at this stage of the cycle. The stock trades at 1.6x/1.4x its BV estimates for FY2025E/FY2026E. Valuations are attractive given the RoA trajectory and stable outlook. Key monitorable – Promoters awaiting approval from the RBI to increase their stake.
Outlook
We reiterate Buy on IndusInd Bank (IIB) with an unchanged PT of Rs. 1,850. The near-term business outlook remains comfortable except for the elevated cost ratios.
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