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Arihant Capital
IndusInd Bank (Hold)
CMP: ₹537.20
Target: ₹571
IndusInd Bank (IIB) posted healthy growth both on the topline and bottomline front. Net profit grew by 26 per cent y-o-y and stood at ₹421 crore which is slightly lower due to provisioning of ₹20 crore provided for the un-hedged position of corporate clients in accordance to the RBI guidelines. Loan book grew at healthy pace of 24 per cent y-o-y. The ratio of corporate to retail loans stood at 57:42 compared with 51:49 a year ago. Although, with demand for vehicle financing increasing going forward, we expect retail loans to grow at a faster pace. Strong loan traction, resilient asset book and superior liability franchise makes us positive on the bank and we reckon IIB as a value pick in the private sector space.
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