Buy IndusInd Bank, target Rs 2248

We expect the bank to maintain its stable asset quality over FY19-20 due to overall improvement in the rating profile of its corporate book and declining risk weightings of its vehicle-finance book.

For IndusInd Bank, the strategic Bharat Finance deal would be synergistic in the medium term. Growth would be primarily driven through the focus on the retail portfolio, as management intends to re balance the corporate- and retail-book ratio to 50:50 (from 60:40).

Credit growth grew 29.4% y/y in Q1-FY19, driven by secular growth across all segments, led by corporate (up 30% y/y), vehicle and retail (both up 28% y/y).

We expect 26% loan growth in the medium term. Asset quality improved with slippages easing to 1.26% of loan book (down 83bps y/y, 111bps q/q) and credit cost softened to 55bps.

MORE WILL UPDATE SOON!!

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