IndusInd Bank Q1FY19E Result Expectation

IndusInd Bank Q1FY19E Result Expectation:

Consensus expectations (consolidated) for Q1FY19E:

•Net interest income-Rs2,074cr

•Pre-provision profit-Rs1,776cr

•Loan-loss provisions-Rs268cr

•Adjusted PAT-998cr

Results for Q1FY18

•Net interest income-Rs1,774cr

•Pre-provision profit-Rs1,589cr

•Loan-loss provisions-Rs210cr

•Adjusted PAT-Rs837cr

Remarks:

We expect strong loan growth at ~25% yoy led by strong growth in retail business (all business products). Revenue growth would be slower owing to pressure on NIM. We expect NIM to decline 10bps qoq.

We expect limited asset quality stress and GNPL of 1.3%, up ~10bps qoq. Provision coverage ratio will be similar to the previous quarter at ~60% levels. 

CASH CALL: 

BUY DIVISLAB ABOVE 1097.00 TARGETS 1106 / 1120 / 1137 STOPLOSS 1084 

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