Indusind Bank Q4FY17 earnings first cut: Strong operating performance; One-off provisions leads to earnings miss

Posted by: at 4/19/2017 02:27:00 am
Indusind Bank Q4FY17 earnings first cut: Strong operating performance; One-off provisions leads to earnings miss

-          Net interest income +31% yoy (+6% qoq) to Rs16.67bn
-          Other income +33% yoy (+19% qoq) to Rs12.1bn
-          Opex +27% yoy (+6% qoq)
-          PPOP +37% yoy (+15% qoq) to Rs15.7bn
-          Provisions 101% yoy (+98% qoq) to Rs4.3bn – includes one-off provision of Rs1.2bn towards one large corporate loan (classified as standard asset); Mgmt. indicated that the probability of reversal high in near future.  
-          PAT +21% yoy (flat qoq) to Rs7.5bn – 5% below consensus estimates
-          Asset quality remained largely stable qoq
-          Advances grew +28% yoy (+10% qoq) / Deposits grew +36% yoy (+6% qoq)

The stock trades at 3.2x FY19E P/BV and 19x FY19E P/E as per Bloomberg consensus estimates.



Indusind Bank Q4FY17 earnings first cut: Strong operating performance; One-off provisions leads to earnings miss



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