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Live news , top stories, corporate news, company news, sector news, economy news, results analysis news, ceo interviews, fund manager interview, advisor interview, market news, bazaar talk, hot stocks news, ipo news, commodities news, mutual fund news, insurance news, news wire
02 July, 2025 17:17 IST
IDBI Capital reiterates Buy rating on Indusind Bank; target price of Rs 1,050
Source: IRIS | 06 Feb, 2021, 09.27AM
Rating: NAN / 5 stars.
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IndusInd's Proforma GNPA stood at 2.93% and NNPA at 0.70%. However reported GNPA and NNPA were lower at 1.74% and 0.22% respectively. Bank Proforma slippages remain at Rs 25.08 billion (1.2% of loan book) and comprises 20% from Vehicle and MFI each, Corporate and retail (secured & unsecured) constitutes 15% and 45% respectively. Restructuring book would be 1.8% of book and within that vehicle involves 30% and corporate banking is 57%.

Bank reported Collection efficiency at 97.1% versus 94.7% for September month. Deposit saw stable growth of 10% YoY while advances remain flat YoY. NII grew by 11% YoY slightly decline YoY compared to Q2FY21 led by decline in margins; however non-interest income declined by 5% YoY up 10% QoQ). PAT decline by 34% YoY due to higher provisions (up 78% YoY) including provisions of Rs.11 billion on Covid-19. Bank maintains overall provision of Rs 32.61 billion against covid impact and 3.31% of loan related provision. "We re-iterate "Buy" rating with a new TP of Rs.1,050 (earlier Rs.700) based on P/BV of 1.6x (earlier 1.1x) FY23E as liability risks have decline and clarity has emerged on Covid impact," said IDBI Capital Markets & Securities.

"Continuations of business strategy under the new CEO have resulted in navigating through asset quality concerns better. Also, with higher liquidity (LCR at 140%) and bigger concern on deposits growth which is the key ingredient for banking industry seems to be abating," the brokerage firm added.

Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.



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