INDUSIND BANK - RESULTS - FOR Q1 FY 14 - NET PROFIT GROWTH : 42% YoY; 9% QoQ; LOW NPAs - EXCELLENT , CONSISTENT PERFORMANCE

INDUSIND BANK

RESULTS OF Q1 FY 2013-14

HIGH LIGHTS

Ø Consistent performance in deteriorating macro economic Environment

Ø Consistent growth in Core Fee Income 31% Y-o-Y & 2% Q-o-Q

Ø Net Interest Income grew 40% Y-o-Y & 3% Q-o-Q

Ø Non-Interest Income to revenue remains healthy at 41%

Ø Total Business crossed Rs. 1,00,000 crs

Ø Floating Provision of Rs. 50 crs

Ø Credit growth above industry 27% Y-o-Y & 7% Q-o-Q

Ø Low exposure to stressed / sensitive sectors

Ø Net NPA 0.21%; PCR 79.94%; Restructured Advances 0.28%

Ø Credit cost at 9 bpsLoan Growth

Exceed Loan Growth

(CASA % in 30’s)

Exceed Loan Growth

Planning Cycle III (2014-16) – Pillars of Growth

Q1-FY 14 OUTCOME

Ø LOAN GROWTH  : 27% Y-o-Y

Ø CASA Growth-33%

Ø CASA-30%

Ø Core Fee Growth : 31%

Ø 30 New Branches  :  added in Q1-14

Ø Customer  Base ~ 4 mn

Strong Headline Numbers for Q1-FY14

Ø Net Interest Income  :  Rs 679.48 crs ; 40% YoY; 3% QoQ

Ø Other Income  :  Rs 470.61 crs ; 48% Y-o-Y ; 28%  QoQ

Ø Core Fee Income Rs 351.57 crs 31%  YoY; 2% QoQ

Ø Revenue : Rs 1,150.09 crs ; 43% YoY; 12% QoQ

Ø Operating Profit  :  Rs 641.60 crs ; 59% YoY; 18% QoQ;

Ø Net Profit : Rs 334.84 crs ; 42% YoY; 9% QoQ

Top line momentum

Ø Advances  : Rs 47,425 crs ; 27% YoY; 7% QoQ

Ø Corporate Advances  :  Rs 24,070 crs ;30% YoY; 10% QoQ;

Ø Consumer Finance Advances  : Rs 23,355 crs ;24% YoY; 4% QoQ;

Ø Deposits : Rs.55,660 Cr; 23% YoY; 3% QoQ;

Ø CASA Rs 16,673 crs ; 33% YoY; 5% QoQ;

Profit And Loss Account
		Q1FY14	Q1FY13	Y-o-Y%	Q4FY13	Q-o-Q%
Net Interest Income		679.48	484.1	40%	661.23	3%
Other Income		470.61	318.78	48%	367.89	28%
Total Income		1,150.09	802.88	43%	1,029.12	12%
Operating Expenses		508.49	398.85	27%	485.67	5%
Operating Profit		641.6	404.03	59%	543.45	18%
Provisions	&	132.06	53.5	147%	81.85	61%
Contingencies
Profit Before Tax		509.54	350.53	45%	461.6	10%
Provision for Tax		174.7	114.27	53%	154.2	13%
Profit after Tax		334.84	236.26	42%	307.4	9%

Key Financial Indicators
		Q1FY14	Q1FY13	Q4FY13
ROA		1.83%	1.57%	1.77%
ROE		17.62%	20.35%	16.70%
Cost/Income Ratio		44.21%	49.68%	47.19%
Net Intt Margin		3.72%	3.22%	3.70%
Net NPA		0.21%	0.27%	0.31%
EPS(Annualized)		25.64	20.2	23.56
Net worth in Crs		7,758	4,766	7,418
Book Value per Share		148.25	101.69	142.49

The performance of IndusInd Bank is very good and consistent.  The Net Profit  Growth of 42% YoY and 9% QoQ is one of the Best in the Banking sector. The Bank is bettering its performance consistently – even in a bad macro-economic environment. The Management quality and foresight is considered very good. It is therefore a good medium / long term bet for investors.

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