IndusInd Bank (Q1 FY14)

India Infoline News Service | Mumbai |

IndusInd Bank’s loan growth at 7% qoq/27% yoy in Q1 FY14 was slightly ahead of our expectation.

CMP Rs495, Target Rs560, Upside 13.1%

  • Strong loan growth continues but the mix keeps moving towards the corporate segment 

  • C/D ratio improves sharply; sustained robust savings deposits growth improves CASA ratio

  • Buoyant fee growth; C/I ratio improves on higher treasury gains 

  • Strong asset quality on the back of benign delinquencies

  • Maintain BUY; raise 9-month target price of Rs560
Result table
(Rs mn)
Q1 FY14
Q4 FY13
% qoq
Q1 FY13
% yoy
Total Interest Income
19,118
18,228
4.9
16,320
17.1
Interest expended
(12,327)
(11,615)
6.1
(11,479)
7.4
Net Interest Income
6,791
6,612
2.7
4,841
40.3
Other income
4,706
3,679
27.9
3,188
47.6
Total Income
11,497
10,291
11.7
8,029
43.2
Operating expenses
(5,085)
(4,857)
4.7
(3,989)
27.5
Provisions
(1,321)
(819)
61.3
(535)
146.8
PBT
5,092
4,616
10.3
3,505
45.3
Tax
(1,747)
(1,542)
13.3
(1,143)
52.9
Reported PAT
3,345
3,074
8.8
2,363
41.6
EPS
25.5
23.5
8.5
20.2
26.6

Business Mix (Rs mn)
 Q1 FY14
 Q4 FY13
% qoq
 Q1 FY13
% yoy
Advances
  474,250
  443,210
  7.0
  372,450
  27.3
Consumer Finance
  233,550
  224,010
  4.3
  187,610
  24.5
% share
  49.2
  50.5
 -
  50.4
 -
Corp & Comm Banking
  240,700
  219,200
  9.8
BSE 1,641.00 [9.55] ([0.58]%)
NSE 1,646.65 [3.60] ([0.22]%)

***Note: This is a NSE Chart

 

Advertisements

  • Save upto Rs.2.67 lakh with Pradhan Mantri Awas Yojana ...Know more
  • Now Save Rs.3150 on your Demat Account ...Click here
  • Now get IIFL Personal Loan in just 8* hours...APPLY NOW!
  • Get the most detailed result analysis on the web - Real Fast!
  • Actionable & Award-Winning Research on 500 Listed Indian Companies.