Edelweiss is bullish on IndusInd Bank has recommended buy rating on the stock with a target price of Rs 2080 in its research report dated July 10, 2018.
Edelweiss' research report on IndusInd Bank
IndusInd Bank’s Q1FY19 earnings were in-line with expectations and reaffirms our confidence that the bank is structurally poised to achieve Phase IV targets and achieve scale with quality. Loan growth momentum of 29% (more broad-based), sustained CASA (SA grew >50% YoY), and operating leverage supported 20% YoY NII and >27% YoY operating profit growth.
Merger update with BhaFin (likely conclusion in Q2FY19). Given strong track record, superior RoA and well-capitalised position, execution risks are minimal. Maintain ‘BUY’ with TP of INR2,080 (3.9x FY20E P/ABV).
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