Why this private bank’s valuation remains a top draw
A moderation in the cost-to-income ratio, lower credit cost, and some uptick in interest margin are key factors that will drive growth
IndusInd
- Quarterly performance largely backed by improved realisations
- Medium-term triggers China plus and protectionist measures for tyre industry
- Valuations not inexpensive; but improved medium-term outlook
Highlights
- Decent performance in the last reported quarter
- Loan growth strong, with retail growing faster than corporate
- The bank’s focus is on garnering retail deposits
- Guiding to stable margins, headroom for gains with large fixed rate book
- A decline in overall slippage
- The bank stock has the potential to rerate
IndusInd Bank (IIB, CMP: Rs 1500 Market Cap: Rs 116,848 crore, Rating: Overweight) corrected massively following the market carnage after the poll verdict but recovered sharply as well. We, however, still see value
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