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IndusInd Bank

Q3FY20 :

Price when result was announced : 1525

NIM has come at 4.15% that is highest in last 15 quarters.

Net Total Income at Rs. 4,864 cr posting a growth of 29.4% YoY.

GNPA were maintained at 2.18% due to recognition of two frauds during the quarter.

Provisions came at Rs. 1044 cr that is second time above Rs.1000 cr in last 15 quarters.

Deposit growth QoQ is at 4.6% and Credit growth QoQ is at 5.2%


Slower growth in credit indicates a market share loss compared to peers.

Higher slippages and provisions indicates a stress in books. This might increase further in coming quarters.

Recommendation : SELL

Q2FY20 :

Price when result was announced : 1250

- NIM ( Net Interest Margin) is highest in last 14 quarters at 4.10%

- GNPA ( Gross NPA) has increased to 2.19% compared to 1.09% in Q2FY19

- Provisions are highest removing Q4FY19 result where IL&FS impact was adjusted.

- Fee Income showed lower growth on sequential basis at 3.85% and Net Income grew at 2.86%

- Deposit to Advance ratio is at 1.05 compared to high of 1.15. This indicates bank is slowing the pace of lending.

- Advance sequential growth is at 1.86% that is lowest in past 14 quarters which might come lower as the bank turn cautious in lending.

Recommendation : SELL


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