IndusInd Bank Q3 Results Review - Inline Performance; Steady Growth To Drive Valuation: ICICI Direct

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .ICICI Direct Report.IndusInd Bank Ltd. reported a steady set of numbers inline with our estimates. Net interest income growth was at 18.5% YoY, 4.5% QoQ to Rs 4495 crore, driven by strong business growth and steady margins (QoQ). Sequentially margins inched up by 3 basis points to 4.27% (up 17 bps YoY). Other income was up 10.6% YoY to Rs 2076 crore, driven by healthy growth of 28% YoY, 4% QoQ in core fee income at Rs 1941 crore.IndusInd Bank's cost/income ratio declined 25 bps QoQ at ~44% but YoY it increased by 52 bps. Provisions were down 6.7% QoQ and 35.6% YoY to Rs 1065 crore. Thus, net profit was up 68.7% YoY and 9.7% QoQ to Rs 1959 crore (versus our estimate of Rs 1915 crore).Gross non-performing asset improved by 5 bps QoQ at 2.06% while net non-performing asset was range bound at 0.62%. Restructured book further declined by 24 bps QoQ to 1.25%. Slippages were at Rs 1467 crore versus Rs 1572 crore in Q2 FY23, with slippages from restructured pool at Rs 332 crore versus Rs 580 crore QoQ. GNPAs (in absolute terms) increased in consumer segment, while corporate segment witnessed a decline QoQ. Overall loan related provisions declined to 2.7% versus 3.0%of loans in the previous quarter.Click on the attachment to read the full report:.IndusInd Bank Q3 Review: In-Line Performance Aided By Stable Margins, Asset Quality.More Research Reports On IndusInd Bank's Q3 FY23 Results Review.Earnings Progression On Track; Re-Rating To Continue: Motilal OswalStable Asset Quality; Restructured Portfolio Moderated To 1.25%: Dolat CapitalRobust Credit Growth; Net Interest Magins Improved: IDBI Capital Material Rise In Cost Of Deposits Indicative Of Wholesale Deposit Dependence: Yes SecuritiesDelivering On The Guided Path: ICICI Securities.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

IndusInd Bank Q3 Results Review - Inline Performance; Steady Growth To Drive Valuation: ICICI Direct

Net interest income growth was at 18.5% YoY, 4.5% QoQ to Rs 4495 crore, driven by strong business growth and steady margins.

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