Indusind Bank (Q3 FY14)

India Infoline News Service | Mumbai |

Deposits grew by 6% qoq during the quarter with the bank raising bulk deposits unlike previous quarter wherein it shed due to high cost.

CMP Rs405, Target Rs507, Upside 25.1%

  • Loan growth better-than-expected at 24% yoy; however, retail loan growth moderated to 14% yoy

  • Deposit franchise continues to improve; CASA at 32% 

  • Resilient NIM performance was a positive surprise; outlook is robust 

  • Buoyant fee growth; C/I ratio improves further

  • Uptick in Gross NPL level; substantial CV slippages raise some concern

  • Maintain BUY with 9-month target price of Rs507

Result table

(Rs mn)
Q3 FY14
Q2 FY14
% qoq
Q3 FY13
% yoy
Total Interest Income
21,435
20,186
6.2
18,005
19.1
Interest expended
(14,134)
(13,186)
7.2
(12,227)
15.6
Net Interest Income
7,301
6,999
4.3
5,778
26.4
Other income
4,802
4,167
15.2
3,558
35.0
Total Income
12,103
11,167
8.4
9,336
29.6
Operating expenses
(5,630)
(5,287)
6.5
(4,614)
22.0
Provisions
(1,261)
(889)
41.9
(787)
60.3
PBT
5,212
4,991
4.4
3,935
32.5
Tax
(1,743)
(1,688)
3.2
(1,262)
38.1
Reported PAT
3,469
3,303
5.0
2,673
29.8
EPS
26.5
25.2
5.0
20.5
29.2

Business Mix (Rs mn)
Q3 FY14
Q2 FY14
% qoq
Q3 FY13
% yoy
Advances
524,690
489,680
7.1
424,260
23.7
Consumer Finance
246,400
241,660
2.0
216,910
13.6
% share
47.0
49.4
-
51.1
-
Corp & Comm Banking
278,290
248,020
12.2
BSE 1,654.00 11.55 (0.70%)
NSE 1,650.35 2.95 (0.18%)

***Note: This is a NSE Chart

 

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