Senior investment analyst

Pallavi Deshpande

Equity Bottom-Up

Earnings grew 24% YoY for 1Q19, in-line with consensus expectations driven by loan growth of 29% YoY and benign credit costs of 14 bps. Corporate loan growth of 30% YoY was better-than-expected and well supported by retail loan growth of 28% YoY. However, net interest income grew a muted 20% YoY as net interest margins (NIM)(-5 bps QoQ to 3.9%) were under pressure from rising funding costs and a lagging increase in loan yields.NIM likely to improve. The sector is gradually moving towards…

Earnings grew 24% YoY for 1Q19, in-line with consensus expectations driven by loan growth of 29% YoY and benign credit costs of 14 bps. Corporate loan growth of 30% YoY was better-than-expected and well supported by retail loan growth of 28% YoY. However, net interest income grew a muted 20% YoY as net interest margins (NIM)(-5 bps QoQ to 3.9%) were under pressure from rising funding costs and a lagging increase in loan yields.NIM likely to improve. The sector is gradually moving towards…

IndusInd Bank (IIB IN): NIM Concerns Overdone

Indusind Bank

IndusInd Bank (IIB IN): NIM Concerns Overdone