| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 661 | | Target | | | | | 650 | | Reco | | | | | NEU | | Net Interest Income | 13,765 | 17,042 | 22,329 | 28,907 | 34,150 | | Growth (%) | | 24 | 31 | 29 | 18 | | Pre-provision Profit | 10,817 | 13,730 | 18,395 | 25,960 | 30,881 | | Net Interest Margin | 4 | 3 | 4 | 4 | 4 | | Net Profit | 5,773 | 8,026 | 10,612 | 14,080 | 17,580 | | Growth (%) | | 39 | 32 | 33 | 25 | | EPS, Rs | 12 | 17 | 20 | 27 | 33 | | ABVPS, Rs | 80.5 | 94.7 | 139.2 | 161.0 | 189.0 | | PER, x | 53 | 39 | 33 | 25 | 20 | | P/BV, x | 8 | 7 | 5 | 4 | 3 | | ROA, % | 1 | 2 | 2 | 2 | 2 | | ROE, % | 17.9 | 18.3 | 17.2 | 16.9 | 17.9 |
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Latest Reports
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| Date |
Description |
Country |
Analyst |
Download |
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| 25-Apr-2024 |
Indusind Bank (IIB IN) - Marginal miss to our estimate |
India |
Manish Agarwalla |
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| 18-Jan-2024 |
Indusind Bank (IIB IN) - In line performance, retail deposit improves |
India |
Manish Agarwalla |
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| 18-Oct-2023 |
Indusind Bank (IIB IN) - In line performance, focus on granular growth |
India |
Manish Agarwalla |
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| 18-Jul-2023 |
Indusind Bank (IIB IN) - Focus on granular growth |
India |
Manish Agarwalla |
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| 24-Apr-2023 |
Indusind Bank (IIB IN) - Focus on granular growth |
India |
Manish Agarwalla |
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| 18-Jan-2023 |
Indusind Bank (IIB IN) - Margin peaked out |
India |
Manish Agarwalla |
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| 19-Oct-2022 |
Indusind Bank (IIB IN) - Overall strong performance |
India |
Manish Agarwalla |
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| 20-Jul-2022 |
IndusInd Bank (IIB IN) - Overall strong performance |
India |
Manish Agarwalla |
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| 01-May-2022 |
Indusind Bank (IIB IN) - Overall decent performance |
India |
Manish Agarwalla |
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| 30-Jan-2022 |
Indusind Bank (IIB IN) - Micro Finance drags the overall performance |
India |
Manish Agarwalla |
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| 28-Oct-2021 |
Indusind Bank (IIB IN) - House in Order |
India |
Manish Agarwalla |
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| 27-Jul-2021 |
IndusInd Bank (IIB IN) - External shock delays business recovery |
India |
Manish Agarwalla |
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| 03-May-2021 |
IndusInd Bank (IIB IN) - Re-adjustment done, loan book prepared for growth |
India |
Manish Agarwalla |
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| 30-Jan-2021 |
IndusInd Bank (IIB IN) - Continue to build Covid buffer |
India |
Manish Agarwalla |
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| 31-Oct-2020 |
IndusInd Bank (IIB IN) - Continue to build Covid buffer |
India |
Manish Agarwalla |
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| 29-Jul-2020 |
IndusInd Bank (IIB IN) - Optimistic Credit Cost guidance |
India |
Manish Agarwalla |
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| 28-Apr-2020 |
IndusInd Bank (IIB IN) - PAT lower on higher provisioning |
India |
Manish Agarwalla |
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| 14-Jan-2020 |
Top takeaways from Q3FY20
• On merged basis total income of Rs 48.6bn (+11% yoy) was marginally below our estimates of Rs 50.1 bn. NII at Rs 30.7 bn (+10% yoy) came below expectations on account of lower credit growth (+13% yoy) and stable NIM at 4.15% (2Q20: 4.1%). Fee income at Rs 17.9bn (+14% yoy) continues to remain strong. Opex was up 14% YoY to Rs 21.2 bn. Provisions increased 41% qoq to Rs 10.4 bn due to accelerated provisioning of Rs 2.5 bn (Rs 3.6 bn in 2Q20). Overall Profit came at Rs 13.0 bn (+2% yoy).
• Slippages during the quarter were Rs 19.5 bn. Corporate segment slippages of Rs 12.4 bn (Rs 4.8 bn in 2Q20) included Rs 2.8bn from travel company, Rs 2.5bn from diversified group (recovered fully) and Rs 1.7bn from a paper company. GNPA remained stable at 2.18% on higher recovery (Rs 3.5bn) and write-offs (Rs 5.2bn). NNPA reduced by 7bps qoq to 1.05% as bank increased its PCR to 53% (from 50% in 2Q20).
• GNPA Ratio for Credit cards and MFI increased by 17bps/16bps qoq while commercial vehicle GNPA increased 22bps qoq.
Management comments / concall takeaways:
• Exposure to Stressed group: Bank’s net exposure to three stressed groups in Media/Diversified and HFC declined to 0.47% of loan book (1.9% in 4Q19), largely due to repayments and 100% provisioning on HFC account, declared as fraud by the bank.
• Fraud: Bank has classified exposure to one travel company (Cox and King) and a HFC (DHFL) as fraud and has provided 100% on these account of this 25%(Rs 2.4 bn) has been debited to P&L and remaining 75% drawn down from the Reserves. This will be debited to P&L equally over next three quarters
• ILFS: Provision coverage for bank’s exposure towards IL&FS increased to 73% on blended basis. Expected recovery of 75% for one SPV(Tunnel project) based on bid submitted.
• Growth: Growth was impacted due higher repayments especially from stressed group. Over last 2 quarters bank has received repayment of Rs 50-60bn (Rs 22 bn from Indiabulls Hsg). MFI: Bank had slowed down MFI growth in Assam and WB in last 2-3 months due to agitation and aggressive lending by few players. Growth coming from other states.
• Guidance: Credit cost for FY21 ex IL&FS should be in the range of 60-70bps and in FY20 Credit cost should be in the rage of 80bps
Outlook and valuation: Banks strategy has shifted towards “Retailisation of Balance Sheet” with focus on improving retail deposit franchisee; increase contribution of non-vehicle retail loan; higher proportion of micro finance business. However in near term banks performance will be driven by its corporate book exposures. Even after factoring the consequential provisioning impact on stress loan, the risk-adjusted RoA should continue to remain strong, driven by earnings growth of 24%+ over FY19-22 on merged basis. We have a Buy rating on the stock with PT of Rs1640 valuing the bank at 2.8x FY21E ABPVS of Rs585. |
India |
Manish Agarwalla |
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| 16-Dec-2019 |
IndusInd Bank (IIB IN) )- “Retailization” of Balance sheet |
India |
Manish Agarwalla |
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| 10-Oct-2019 |
IndusInd Bank (IIB IN)- Credit Growth moderates |
India |
Sujal Kumar |
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| 12-Jul-2019 |
IndusInd Bank (IIB IN))- Merger synergy yet to come in |
India |
Manish Agarwalla |
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| 23-May-2019 |
IndusInd Bank (IIB IN)- Allaying concerns on stressed exposures |
India |
Manish Agarwalla |
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| 10-Jan-2019 |
IndusInd Bank - IL&FS exposure is not a major concern |
India |
Manish Agarwalla |
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| 15-Oct-2018 |
IndusInd Bank (IIB IN) - Margin continue to remain under pressure |
India |
Manish Agarwalla |
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| 10-Jul-2018 |
IndusInd Bank-Q1FY19 Result - Stable Performanc |
India |
Manish Agarwalla |
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