Edelweiss's reserach report on Indusind BankIndusInd Bank is one of the new‐generation private‐sector banks in India which commenced its operations way back in 1994. It was founded by Srichand P. Hinduja, a leading non-resident Indian businessman and head of the Hinduja Group. In 2004, the bank merged with Ashok Leyland Finance, a commercial‐vehicle‐finance focused NBFC. Currently bank caters to the needs of both consumer and corporate customers. It has a robust technology platform supporting multi‐channel delivery capabilities. IndusInd Bank has 854 branches, and 1,578 ATMs spread across geographic locations of the country.Above‐industry growth, improving liability franchise, superior fee income and stable credit costs will sustain earnings momentum. The stock trades at 2.8x (post capital raising) FY17E ABV. We maintain ‘BUY/SO’ with TP of INR1,020 (on3.0x FY17E P/ABV). For all recommendations, click here Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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