Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  

| More

IndusInd Bank - Q2FY21 First Cut - ICICI Securities

Posted On: 2020-10-30 08:30:57

(CMP - Rs. 585, MCap - Rs. 44298 crore)

Subdued overall performance with some improvement in the asset quality.

Q2FY21 Earnings Summary

- IndusInd Bank posted a subdued operating performance with net interest income declining by 0.9% sequentially to Rs. 3278 crore as a result of QoQ decline in net interest margin and flattish growth in advances. NIMs contracted by ~12 bps to 4.16% as a result of steeper decline in yield on assets (down 28 bps QoQ) as compared to cost of funds (down 16 bps QoQ), led by excess liquidity. Other income also witnessed tepid growth of 2.3% QoQ to Rs. 1554 crore. Cost-to-income ratio remained largely stable at 41.4% on QoQ. Provisions declined by 13% QoQ to Rs. 1964 crore, while net profit stood at Rs. 647 crore as against Rs. 460 crore in the previous year quarter

- Accounts worth Rs. 399 crore slipped into NPA category during the quarter as compared to Rs. 1537 crore in the previous quarter. Overall asset quality showed improvement as GNPA and NNPA ratio declined by 32 bps and 34 bps to 2.21% and 0.52% respectively. On a standstill asset classification basis, asset quality performance was positive as GNPA and NNPA accordingly stood at 2.32% and 0.61% for Q2FY21. As on September 2020, loans amounted to Rs. 17617 crore moratorium was extended. Collection improved to 94.7% for the month of September 2020 with collection in micro finance book at 91%. Management has indicated that restructuring should be low single digit number as percentage of advances

- Provisioning for the quarter stood at Rs. 1964 crore (down 13% QoQ). In the wake of Covid-19 pandemic, the bank has provided Rs. 952 crore as floating provisions during Q2FY21 taking total Covid-19 provisions to Rs. 2155 crore. Total PCR stood at 77% for Q2FY21 vs 67% in the previous quarter

- Credit growth was subdued at 2.1% YoY to Rs. 201247 crore, mainly due to 4.7% YoY slump in corporate book while consumer finance book growth remained modest at 7.8% YoY. Deposit growth for the quarter stood at 10.2% YoY to Rs. 227884 crore, with CASA deposits growing by 7% YoY, CASA ratio improved by ~30 bps QoQ to 40.3%, however, down ~15 bps on yearly basis

- The bank has strengthened its capital position by adding Rs. 3288 crore to its kitty. CRAR for Q2FY21 stands at 16.55% versus 15.16% sequentially

We will be coming out with a detailed report soon.

Shares of INDUSIND BANK LTD. was last trading in BSE at Rs.585.6 as compared to the previous close of Rs. 588.7. The total number of shares traded during the day was 745533 in over 18388 trades.

The stock hit an intraday high of Rs. 601.95 and intraday low of 576.55. The net turnover during the day was Rs. 439499330.

Source: Equity Bulls

Click here to send ur comments or to

Disclaimer:The article above is a gist / extract of the original report prepared by the research firm / brokerage firm. This article is not to be considered as an offer to sell or a solicitation to buy any securities. This article is meant for general information only., its employees or owners or the research firms, its employees or owners won't be responsible for any liability that may arise from information, errors or omissions in these articles. or its employees or owners / the research firms or its employees or clients or owners may from time to time hold positions in securities referred in this article. For detailed research reports, please contact the concerned research firm directly.

Other Headlines:

Views of HDFC Securities and Acuité Ratings & Research on Q2FY21 GDP Numbers

Rollover Report for November 2020 - December 2020: Angel Broking

Initiating Coverage on Godrej Properties - The housing factory - HDFC Securities

Burger King IPO - Angel Broking

Rollover Analysis - Record foreign inflows pushes Nifty to 13k - YES Securities

Ceramic tiles industry - Market share gains sustain for top branded players - ICICI Securities

Gas sector - CGD: Competition to hit margins, volumes and lead to derating - ICICI Securities

Cement - Prices resilient in Q3; consensus upgrades to continue - ICICI Securities

Specialty chemicals - Price trend in Sep-20 - ICICI Securities

Timken India - Q2FY21 Company Update - ICICI Direct

Upgrade in target price of IDFC First Bank - Angel Broking

Laurus Labs stake acquisition in Richore Lifesciences - Angel Broking

Shares of Lakshmi Vilas Bank (LVB) suspended from trading - Angel Broking

Initiating Coverage on Sundram Fasteners - Fastening growth - HDFC Securities

Astral Poly Technik - Scalability to further improve with storage tanks foray - ICICI Securities

Vardhman Special Steel - Q2FY21 Company Update - ICICI Direct

Initiating Coverage - Advanced Enzyme Technologies - ICICI Direct

L&T - Secures Large Contract - Nov 25, 2020 - Angel Broking

Alembic Pharmaceuticals - Tentative Approval for JV - Angel Broking

Drug launch by Lupin - Tacrolimus Capsules - Angel Broking

Gujarat Gas - Nov 25, 2020 - Angel Broking

Metropolis Healthcare - Nov 25, 2020 - Angel Broking

NTPC - Showcase of strength & competitiveness - ICICI Securities

Telecom - Market Share TRACKER - Bharti is narrowing the gap on incremental market share vs RJio - ICICI Securities

Cochin Shipyard - Q2FY21 Result Update - ICICI Direct

Engineers India - Q2FY21 Result Update - ICICI Direct

Rupee - Nov 24, 2020 - Reliance Securities

FMCG Sector Update - Recovery unlocked; lower growth divergence - HDFC Securities

Engineers India - Consultancy segment outperformance - ICICI Securities

Engineers India - Q2 FY21 Result Update - YES SECURITIES

Motherson Sumi Systems - Company Update - Virtual Investor Conference - ICICI Direct

Mutual Fund Review - November, 2020 - ICICI Direct

Sadbhav Engineering - Q2FY21 Company Update - ICICI Direct

IRB Infrastructure - Q2FY21 Company Update - ICICI Direct

Vodafone Idea fund raising - Angel Broking

Rupee - Nov 23, 2020 - Reliance Securities

Crude Oil - Nov 23, 2020 - Reliance Securities

Q2FY21 Bank Result Quick Review - Angel Broking

Banks & NBFC's Sector Update Report - Yet another watershed moment? - HDFC Securities

Galaxy Surfactants - EBITDA/kg has an upside risk - ICICI Securities

Diagnostics - COVID-19 tests continue to trend higher - ICICI Securities

Banking & Financial Services - Sector Update - Nov 22, 2020 - ICICI Direct

Dalmia Bharat Sugar - Q2FY21 Company Update - ICICI Direct

Balkrishna Industries - Industry export growth momentum continues - ICICI Securities

Covid Recovery Pulse - Festive positivity continues in auto retails, E-way bill generation improves... - ICICI Direct

Quant Pick - Exide Industries - ICICI Direct

Shankara Building Products - Q2FY21 Company Update - ICICI Direct

Triveni Engineering - Q2FY21 Company Update - ICICI Direct

Initiating Coverage on Sudarshan Chemical - Leaping into the league of giants - HDFC Securities

Earnings Wrap Q2FY21: Earnings outperform, post Covid recovery picks up steam - ICICI Direct

Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019