bank share IndusInd Bank

IndusInd Bank Ltd (updated - 21 April 2010)
IndusInd Bank has reported 94.06 per cent yearon-year (y-o-y) rise in net profit at Rs 98 crore for the fourth quarter ended March 2010 on the back 89 per cent (y-o-y) growth in the net interest income (NII) to Rs 272.8 crore.

For the full year, net profit grew 136 per cent y-o-y to Rs 350.31 crore, while the NII surged 93 per cent to Rs 886.41 core. During 2009-10, net interest margin (NIM) improved 2.88 per cent from 1.81 per cent during the previous year, getting the advantage of spread expansion by 78 basis points.

According to the management, with 60 per cent of revenues coming from interest income, an upward movement in NIM will be a key driver in profit growth in 2010-11. “Going ahead, led by likely improvement in current account and saving account (Casa) share to 26.5 per cent in FY11 and 28 per cent in FY12, we expect NIMs of 3.2 per cent in FY11 and 3.3 per cent in FY12,” states an Anand Rathi report.

Gross non-performing assets (NPAs) remained flat at Rs 255 crore in 2009-10. But higher NPA provisions lowered the net NPAs by 43 per cent y-o-y to Rs 102 crore.

The bank is also looking to raise Tier-I capital in the current financial year and aims for a credit growth of 30 per cent in 2010-11.

Besides the core banking business, IndusInd is also focusing on remittances and selling domestic wealth products to NRIs. On the corporate banking side, it plans to start supply-chain financing to support suppliers of corporate clients.

“IndusInd has good growth prospects and will benefit from an uptick in the economy. Though expensive than its peers, it still is a good longterm bet” said Krinal Shah, analyst, Anagram Research. The stock moved up 1.1 per cent at the National Stock Exchange on Tuesday to Rs 184 and trades at around 3.5x its adjusted book value based on 2009-10.
source - business standard

Disclaimer: Information presented on this site is a guide only. It may not necessarily be correct and is not intended to be taken as financial advice nor has it been prepared with regard to the individual investment needs and objectives or financial situation of any particular person. Stock quotes are believed to be accurate and correctly dated, but www.daytradingshares.com does not warrant or guarantee their accuracy or date.
www.daytradingshares.com takes no responsibility for any investment decisions based on recommendations provided on website.
Financial contents like Technical charts, historical charts and quotes are taken from NSE and Yahoo sites.
Note - All quotes are delayed by 15 minutes and unless specified.

Google Adsense Ads are posted on every page of the website so visitors clicking on Ads and going to those links and carrying any financial deal is not at all related to www.daytradingshares.com and any financial deal should be done on their own sole responsibility.
Please read at www.daytradingshares.com/disclaimer.php before using any material or advice given at www.daytradingshares.com
Copyright © 2010 DayTradingShares.com. All Rights Reserved

IndusInd Bank Ltd (updated - 13 Oct 2010)
IndusInd Bank posted a strong set of numbers for the September quarter, showing consistent improvement in operational parameters both sequentially as well as on a year-on-year (y-o-y) basis, where it benefits from a low base.

Net interest income increased 60 per cent y-o-y and 12 per cent sequentially, aided by 33 per cent y-o-y growth in advances, while deposits increased 37 per cent. Low cost current and savings accounts (Casa) improved to 25.4 per cent of total deposits from 24.3 per cent in the June quarter.

Net interest margins rose 55 basis points y-o-y (nine basis points sequentially) to 3.41 per cent. Market conditions were tough during the last quarter due to tight liquidity. The bank also saw yields on advances dipping marginally, while cost of deposits was flat sequentially. Net profit increased almost 80 per cent y-o-y and 12 per cent sequentially, helped by falling non-performing loans and 25-per cent rise in the core fee income.

After its recent qualified institutional placement, the bank has adequate capital to expand aggressively. It has permission to open 127 branches this year, with 28 launched already. A strong performance in the recent past and positive growth outlook have led to near universal upgrades in its earnings estimates. The stock has risen almost 16 per cent over the last month, outperforming the BSE Bankex by six percentage points. At `270, the stock is valued at 3.5 times estimated 2010-11 book value and three times 2011-12 estimates, which is expensive.
source - business standard