- 21 Jul 2022
- ICICIdirect Research
IndusInd Bank posted Q1FY23 numbers
INDUSINDBK - 1425 Change: 7.80 (0.55 %)News: IndusInd Bank reported robust operating performance. Lower than anticipated credit cost results in robust earnings growth. NII was up 15.8% YoY, 3.5% QoQ to ₹ 4125 crore on the back driven by robust growth in business. Sequentially margins were flat at 4.21%. Other income was up 8.3% YoY driven by healthy growth of 47% YoY in core fee income. Provisions were down 14.5% / 32.2% QoQ / YoY to ₹ 1251 crore. Thus, PAT was up 64.4% YoY and 17.8% QoQ to ₹ 1603 crore. GNPA and NNPA inched up slightly by 8 bps and 3 bps QoQ to 2.35% and 0.67%. GNPAs in consumer segment remained elevated. Loans up 17.7% YoY and 3.7% QoQ to ₹ 2.47 lakh crore. Deposit growth was healthy at 13.1% YoY and 3.1% QoQ to ₹ 3.02 lakh crore, driven by 16% YoY uptick in CASA. Management has guided for 15-18% loan growth and expect credit cost to be in the range of 120-150 bps.
Views: Loan growth traction improving and witnessing across segments. Improving return ratios and contained credit cost trend are positive.
Impact: Positive