IndusInd Bank – Growth Outlook Getting Stronger; Earnings Visibility Improves: Motilal Oswal


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IndusInd Bank Ltd. has demonstrated a healthy traction in operating performance over the past few quarters as it successfully braved the storm in late FY20 and FY21. It reported a loan growth of ~18% in Q1 FY23 (versus average of 8% over FY20-22).

Improving business activity and a recovery in its core commercial vehicle and micro finance institution segments will aid overall portfolio growth and further ease credit cost.

We expect 18% loan compound annual growth rate over FY22-24.

IndusInd Bank is strengthening its liability franchise, with an increased focus on garnering retail deposits. The same has clocked 39% CAGR over FY20-22, while the mix, as per liquidity coverage ratio disclosures, rose by ~1,000 basis points to 41%.

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