Buy IndusInd Bank, target Rs 2248

We expect slippages from the corporate book to shrink as the bank increases its exposure to higher-rated corporate bodies. Thus, we model a gross-NPA ratio of 0.97 percent in FY20.

IndusInd Bank continues to report robust operating performance after having absorbed the high NPA divergence reported this quarter, keeping profitability intact. Low credit costs, steady NIM and high credit growth would keep profitability high through FY19-20. The strategic BHAFIN deal would be synergistic in the medium term. We expect the bank to maintain stable asset quality over FY19- 20, aided by its well-diversified loan mix.

We expect slippages from the corporate book to shrink as the bank increases its exposure to higher-rated corporate bodies. Thus, we model a gross-NPA ratio of 0.97 percent in FY20.

We factor in 26 percent overall credit growth through FY19-20. The corporate book was largely driven by gaining market share from PSBs and working-capital loans to better-rated corporate bodies. With a pick-up in CV growth expected in FY19, retail advances could be buoyant.

MORE WILL UPDATE SOON!!

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