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IndusInd Bank Stages Strong Show Under The Solid Crisis

By : 11-Jan-2017
IndusInd Bank defies demonetisation effect

IndusInd Bank becomes the first to announce its third-quarter numbers despite the monetary hinges it continued to harvest healthy loan growth, margins and asset derivatives. 

The December month was dumped by the uninformed demonetisation move that had led to the devastation of the country in the larger perspective. The last quarter of 2016 was powered by heightened pressures due to the ban on the high value denominations.

According to the records, the bank’s net profit grew 29% year on year, to Rs 751 crore which was marginally above the Bloomberg consensus estimate of Rs 725 crore.

The retail loan growth showed a robust rate of 25% driven by a healthy momentum in retail loans.

The bank’s credit card swipes trickled as the debit card spending and mobile transactions sharpened during the quarter.

The new customer acquisition rate was multiplied by 1.7 times (133,000) in December.

Bank has generated an outstanding amount of Rs 11,400 crore deposits in Rs 500 and Rs 1,000 notes.

Bank showed improvement in its net interest margin to an extant of 4%.

Bank’s management kept the confidentiality of maintaining their metric with 70% of the loans are retained at fixed rates.

Amid cash crunch, the bank’s gross NPAs ratio remained constant at 0.94%.

Slippages stood at 1.1% quiet the same as to the previous quarter. The credit costs remained at 50 basis points during this time.

Half of the CASA growth of 37% was accounting to demonetisation.

Against the entire crisis, bunch of brokerages are pretty bullish on the IndusInd Bank scrip.

Currently, Indusbank is trading at three times 2017-18 of the estimated book value which is slightly higher than its historical one year average ratio of 2.2.

The higher valuation appears to be sustainable along with the enduring financial performance of the bank which is enjoying commendable return ratios.

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