19 April 2017
4QFY17 Results Update | Sector: Financials
Indusind Bank
Buy
BSE SENSEX
29,337
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg Val, INRm
Free float (%)
S&P CNX
9,104
IIB IN
595.8
847 / 13.1
1,445/966
4/14/30
1,540
85.0
CMP: INR1,423
TP: INR1,700 (+19%)
One-off provision mars strong operating performance
IndusInd Bank’s (IIB) 4QFY17 PAT grew 21% YoY (in-line) to INR7.5b. Provisions
were elevated at INR4.3b as they included one-off amount of INR1.22b on a
bridge loan for a cement M&A transaction (account remains standard), where
the receivable is in June (likely to get reversed in 1QFY18). Adjusted for this,
PAT grew 34% YoY (9% beat). For FY17, PAT growth was healthy at 30% YoY.
NII grew 31% YoY, led by strong loan growth (+28% YoY) and 6bp YoY
improvement in NIM. Coupled with strong fee income performance (+29/13%
YoY/QoQ) and controlled opex (+27% YoY), IIB reported impressive core PPoP
growth of 34% YoY. For FY17, NIMs have improved 15bp YoY to 4%.
Both corporate (+30% YoY) and consumer (+28% YoY) loans exhibited robust
growth. IIB compensated for lower yet healthy growth in vehicle finance (+20%
YoY) with strong growth of ~40% YoY in retail non-vehicle loans.
Led by robust SA mobilization (+57/7% YoY/QoQ), CASA deposits grew 42% YoY
(CASA ratio stable at 37%). The bank retained 35% of CASA accumulated during
demon, and incremental growth was driven by new-to-bank customers.
Slippages in CCB increased more than 4x to INR4.57b. As a result, CCB GNPAs
increased 15% in absolute terms. Asset quality in CFD was largely stable.
Valuation and view:
IIB’s key focus is to scale up on its retail operations, led by
higher share of non-vehicle retail loans by FY20. The bank is targeting 25-30%
loan growth, driven by continued branch expansion (+800 branches addition)
and strong customer acquisition (2x increase to 20m). Strong core profitability
(3% of avg. assets v/s private banks’ avg. of 2.5% and HDFCB’s 2.7%), an
improving CASA ratio (best among mid-sized private banks) and healthy return
ratios (RoA of 1.9%+ and RoE of 16-18%) are the key positives. We upgrade
estimates by 4-5% to account for higher growth. Maintain Buy with a target
price of INR1,700 (3.8x FY19 BV).
FY16
2Q
3Q
10,943
11,734
31.3
36.2
7,835
8,390
18,778
20,124
8,713
9,514
10,065
10,610
38.9
37.1
1,581
1,771
8,484
8,839
2,884
3,029
5,600
5,810
30.2
29.9
FY17
2Q
14,603
33.4
9,704
24,307
11,491
12,816
27.3
2,139
10,677
3,635
7,042
25.7
FY16
3Q
15,784
34.5
10,168
25,952
12,319
13,633
28.5
2,169
11,465
3,959
7,506
29.2
4.0
37.9
25.1
37.0
4.2
0.4
9.7
0.9
4Q
16,675
31.5
12,113
28,788
13,065
15,722
36.6
4,301
11,421
3,905
7,516
21.2
4.0
36.1
27.9
36.9
4.2
0.4
10.5
0.9
45,166
32.1
32,970
78,135
36,721
41,414
33.7
6,722
34,693
11,828
22,865
27.5
3.9
25.4
28.5
35.2
4.7
0.5
7.8
0.9
FY17
60,626
34.2
41,715
102,341
47,831
54,510
31.6
10,913
43,597
14,918
28,679
25.4
36.1
27.9
36.9
4.2
0.4
10.5
0.9
Financials & Valuations (INR b)
Y/E Mar
2017 2018E 2019E
NII
60.6
74.3
91.1
OP
54.5
66.4
80.8
NP
28.7
36.5
44.4
NIM (%)
4.2
4.2
4.2
EPS (INR)
47.9
61.0
74.3
EPS Gr. (%)
24.8
27.1
21.8
BV/Sh. (INR)
339
389 450.6
ABV/Sh. (INR)
334
383 442.6
RoE (%)
15.3
16.7
17.7
RoA (%)
1.8
1.9
1.9
P/E (X)
29.7
23.3
19.2
P/BV (X)
4.2
3.7
3.2
P/ABV (X)
4.3
3.7
3.2
Quarterly Performance
1Q
9,807
22.5
7,616
17,423
8,196
9,227
23.2
1,233
7,994
2,744
5,250
24.7
4Q
12,682
37.1
9,128
21,810
10,298
11,512
35.4
2,137
9,375
3,172
6,204
25.3
1Q
13,564
38.3
9,730
23,294
10,956
12,338
33.7
2,305
10,033
3,419
6,614
26.0
Net Interest Income
% Change (YoY)
Other Income
Net Income
Operating Expenses
Operating Profit
% Change (YoY)
Other Provisions
Profit before Tax
Tax Provisions
Net Profit
% Change (YoY)
Operating Parameters
NIM (Reported,%)
3.7
3.9
3.9
3.9
4.0
4.0
Deposit Growth (%)
21.6
22.5
24.6
25.4
31.0
38.9
Loan Growth (%)
23.1
30.6
28.7
28.5
29.7
26.4
CASA Ratio (%)
34.7
34.7
35.0
35.2
34.4
36.5
Asset Quality
OSRL (INR b)
4.6
4.9
4.8
4.7
4.6
4.4
OSRL (%)
0.6
0.6
0.6
0.5
0.5
0.4
Gross NPA (INR b)
5.7
6.0
6.8
7.8
8.6
9.0
Gross NPA (%)
0.8
0.8
0.8
0.9
0.9
0.9
E: MOSL Estimates; Quarterly calculated margins based on total assets, yearly on interest earning assets
Alpesh Mehta
(Alpesh.Mehta@MotilalOswal.com); +91 22 6129 1526
Subham Banka
(Subham.Banka@MotilalOswal.com); +91 22 6129 1567
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.

Indusind Bank
Exhibit 1: Quarterly Performance v/s expectation
Y/E March
Net Interest Income
% Change (Y-o-Y)
Other Income
Net Income
Operating Expenses
Operating Profit
% Change (Y-o-Y)
Other Provisions
Profit before Tax
Tax Provisions
Net Profit
% Change (Y-o-Y)
4QFY17E
16205
28
11010
27215
13572
13643
19
2148
11495
3879
7617
23
4QFY17A V/S our Est Comments
16,675
3
Strong loan growth and stable QoQ NIMs
31
12,113
28,788
13,065
15,722
37
4,301
11,421
3,905
7,516
21
10
6
-4
15
100
-1
1
-1
Opex under control
Stronger than expected growth in fee income
Higher than expected provisions - includes one off amount of INR1.22b
Largely in line with estimates
Source: Company, MOSL
Incremental loan growth of
25%+ to be driven by higher
share of non-vehicle retail
loans; CASA ratio of 40%+
by FY20
Vision FY20
The bank targets a loan growth of 25-30% driven by higher share of retail
advances (60% by FY20). It also aims to increase the share of non-vehicle retail
to 50% within retail loans (from ~30% currently)
IIB has set the target to generate incremental CASA of INR100b by 2020, driving
CASA ratio to 40%+.
Revenue growth would be ahead of balance sheet growth.
Return on risk weighted assets above 2.4%
Branch strength will increase to 2000
Customer network will double to more than ~20m
Digital channels/ initiatives should constitute 14% of profits by FY20
Impressive NIM
performance on the back of
strong loan growth (+28%)
and CASA mobilization; C-D
ratio expands ~290bp
Strong loan growth and continued CASA traction leads to impressive NIMs
Reported NIM was stable sequentially and increased 6bp YoY to 4.0%. This was
driven by strong loan growth and declining cost of funds led by continued
traction in CASA deposits.
CASA deposits grew 6% QoQ and 42% YoY led by strong mobilization of SA
deposits (+57/7% YoY/QoQ).
Cost of deposits declined 27bp sequentially to 6.1%. Yield on funds declined 8bp
QoQ.
Yields in the corporate book declined 60bp QoQ due to MCLR cuts as well as
increased share of loans to higher rated corporates. On the other hand, yields in
the consumer finance book remained largely stable to 14.49%. Focus of the
bank on higher share of retail loans would have a positive impact on margins.
Corporate slippages up
nearly 4.5x (annualized
slippage ratio of 3.5%)
Overall asset quality stable despite spike in corporate slippages
Both GNPA (0.93%) and NNPA (0.39%) remained stable on a sequential basis.
Slippages in the corporate portfolio spiked up to INR4.6b in 4QFY17 v/s INR1.1b
in 3Q. On the other hand, slippages in the consumer finance portfolio remained
largely stable at INR1.7b. Overall slippage ratio remained largely stable at 1.4%
of loans (+3bp QoQ).
19 April 2017
2

Indusind Bank
During the quarter there was a sale to ARC of INR1.9b which compensated to
some extent for the rise in corporate slippages. Bank had INR1.2b of provisions
on this accounts
Segmental GNPAs across the CFD remained largely stable in percentage terms at
1.1% (-4bp QoQ). Provision coverage ratio stayed stable at 58% sequentially.
Restructured loans declined 4bp to 0.37%
Exhibit 2: Retail asset quality stabilizing across segments (%)
CV
Utility
CE
3W
2W
Cars
LAP/HL/PL
Cards
1QFY15
1.4
0.8
1.6
0.8
2.5
0.5
0.5
1.5
2QFY15
1.4
0.8
1.6
0.8
2.5
0.5
0.5
1.5
3QFY15
1.4
1.0
1.6
0.9
2.4
0.5
0.3
1.5
4QFY15
1.3
1.1
1.4
0.9
2.5
0.6
0.3
1.2
1QFY16
1.2
1.1
1.5
1.0
2.7
0.6
0.5
1.3
2QFY16
1.1
1.0
1.6
0.8
2.8
0.4
0.4
1.4
3QFY16
1.1
1.0
1.5
0.8
3.0
0.4
0.6
1.5
4QFY16
1.0
1.2
1.3
1.0
3.0
0.5
0.7
1.5
1QFY17
1.1
1.3
1.4
1.1
3.2
0.5
0.7
1.7
2QFY17
1.1
1.2
1.4
1.0
3.6
0.5
0.7
1.7
3QFY17
1.0
1.1
1.2
0.8
3.6
0.8
0.8
1.6
4QFY17
1.0
1.1
1.2
0.9
3.5
0.7
0.9
1.2
Source: MOSL, Company
3 party distribution fees
increased on the back of
stron flows into mutual
funds in 4Q
rd
Other highlights
Growth in fee income (+29% YoY) was broad based with strong growth in 3
rd
party distribution fees (+74% YoY), investment banking fees (+30% YoY) and
general banking (+28% YoY). Processing fees picked up in this quarter at 25%
QoQ (but was muted on a YoY basis).
Operating expenses growth remained well under control at 27% YoY, trailing
total income growth of 32% YoY. This was led by continued moderation in
employee expenses at 17% YoY v/s 21% in 3Q and 25%+ average growth in
previous quarters.
Exhibit 3: Fees grew 29% YoY led by strong traction in third party distribution income
Trade related
Processing fees
Forex - Clients
Third Party Product
Investment banking
General banking
Fee income
4QFY17
1,210
2,430
1,700
2,410
1,590
620
9,960
3QFY17
1,061
1,946
1,793
1,812
1,599
637
8,848
4QFY16
973
2,280
1,401
1,384
1,222
483
7,742
QoQ (%)
14
25
-5
33
-1
-3
13
YoY (%)
24
7
21
74
30
28
29
Source: MOSL, Company
Exhibit 4: RWA to assets largely stable at ~80%
% of Total Assets
Credit Risk
7
3
72
7
3
75
6
4
75
Market Risk
7
4
70
7
4
72
7
3
71
Operational Risk
8
4
71
8
3
72
7
4
69
5
2
64
6
3
63
6
4
66
6
3
67
6
3
67
7
3
67
8
4
68
7
3
69
8
4
68
Source: MOSL, Company
19 April 2017
3

Indusind Bank
4QFY17 conference call highlights
Balance sheet
BS 4 norms – to lead to a subdued 1QFY18 VF – not due to lack of demand but
because of reluctance of manufacturers.
Strong corporate growth was led by surge in WC financing as the bank has
become more competitive owing to the MCLR regime.
The bank Retained ~35% of CASA accumulated due to demon. Traction in new to
bank customers led to strong CASA inflows even post demon
The bank is working in collaboration with McKenzie for customer acquisition –
should see strong growth in SA deposits through deepening of customer
relationships.
P/L related
strong performance of mutual fund industry has led to good traction in third
party distribution fees
The bank has not amortized the loss on sale to ARC (2 accounts; RBI allows the
loss on sale to be amortized over 4 quarters)and has provided entirely in P/L
Others
Considers microfinance as a driver. Is looking into a few companies with BHAFIN
just one amongst them – however, not in any advanced stages of discussion
with anyone right now.
RBI has not prescribed any specific additional provisioning to be provided on the
perceived stressed exposures – it is at the discretion of the bank to provide
higher provisioning on the standard asset.
Rural banking – lending, payments products, remittance to drive growth; agri,
business banking.
~350 branches are located in rural locations.
The management expects average branch size to come down by 50% and the
average branch cost to come down by 1/3
rd
.
Valuation and view
Strong core profitability (3%+ of average assets v/s private banks average of
2.5% and HDFCB of 2.7%), improving CASA ratio (best amongst mid-sized private
banks), healthy return ratios (ROA of 1.9%+ and ROE of 15-17% and
capitalization (CET1 ratio of ~14.7%) are key positives. We expect IIB to report
strong 25%+ loan CAGR driven by multi products, new product addition and
market share gains
Performance on the first three planning cycle under the leadership of Mr.Sobti
has been extremely impressive. Bank communicated its next three years
strategy in the 4
th
stage Planning Cycle (2017-20) today with the clear focus of
strong growth with profitability and increasing the granularity of balance
sheet. IIB is targeting strong growth (25-30%), higher share of non-vehicle retail
loans (25% by FY20 vs 18% currently), strengthened liability franchise (CASA
ratio of 40% vs 36% currently), return on risk weighted assets >2.4%, continued
branch expansion (2000 by FY20 vs 1200 currently) and customer acquisition
(2x increase to 20m+).
4
19 April 2017

Indusind Bank
Overall we expect underlying growth in consumer finance division product to
show continued revival with broad-based growth in vehicle finance division and
new product additions. IIB is already witnessing healthy growth in LAP and
credit cards. Corporate loan growth is likely to be opportunistic (based on
spreads available. IIB has levers like less sell down of loans, selectively doing
project loan etc.
NIMs are expected to largely stable to improving led by higher share of retail
liabilities, expected improvement in loan mix towards high yielding CFD, benefit
of falling interest rate cycle and higher share of fixed rate loans. Close-to-
customer business model of CV financing helped the bank maintain strong asset
quality performance, despite tough times. In our view, CV cycle has bottomed
out which would help reduce concerns over asset quality.
Overall superior margins, focused fee income strategy and control over C/I ratio
will keep earnings momentum healthy (~23% CAGR over FY17-20). Capitalization
remains one of the best in the industry at 14.7% CET1 ratio. Maintain Buy with a
target price of INR 1,700 (3.8x FY19 BV based on RI model). Key assumptions in
our RI model are a) Cost of equity of 13.0%, b) extended forecast average
growth of 17% for 17 years and c) Terminal growth of 5%.
Exhibit 5: We upgrade our earnings estimates by 4-5% for FY18-19
INR B
Net Interest Income
Other Income
Total Income
Operating Expenses
Operating Profits
Provisions
PBT
Tax
PAT
Loans
Deposits
Margins (%)
Credit Cost (%)
RoA (%)
RoE (%)
Old Estimates
FY17 FY18 FY19
60.2
71.8
87.4
40.6
49.0
58.6
100.8 120.8 145.9
48.3
58.0
70.0
52.4
62.8
75.9
8.8
9.9
11.8
43.7
52.9
64.2
14.9
18.0
21.8
28.8
34.9
42.4
1,096 1,338 1,632
1,228 1,522 1,888
4.34
4.26
4.27
0.65
0.70
0.70
1.9
1.9
1.9
15.5
16.4
17.2
New estimates
FY17 FY18 FY19
60.6
74.3
91.1
41.7
49.5
59.0
102.3 123.8 150.1
47.8
57.4
69.2
54.5
66.4
80.8
10.9
11.2
13.5
43.6
55.2
67.3
14.9
18.8
22.9
28.7
36.5
44.4
1,131 1,414 1,767
1,266 1,519 1,944
4.24
4.22
4.25
0.65
0.75
0.75
1.8
1.9
1.9
15.3
16.7
17.7
Variation (%)
FY17 FY18 FY19
0.8
3.5
4.3
2.7
1.0
0.7
1.6
2.5
2.9
-1.0
-1.0
-1.1
4.0
5.7
6.4
24.6
12.4
15.0
-0.2
4.5
4.9
0.2
4.5
4.9
-0.3
4.5
4.9
3.1
5.7
8.3
3.1
-0.2
3.0
Source: Company, MOSL
19 April 2017
5

Indusind Bank
Exhibit 6: One year forward P/B
4.3
3.3
2.3
1.3
0.6
0.3
0
2.3
PB (x)
Peak(x)
Avg(x)
3.7
Min(x)
3.7
Exhibit 7: One year forward P/E
40
30
20
10
3.7
16.3
PE (x)
Peak(x)
Avg(x)
Min(x)
34.4
24.0
Source: MOSL, Company
Source: MOSL, Company
FY16
3.59
2.2
5.82
2.92
50.1
0.98
1.93
2.90
2.62
0.39
3.29
0.53
0.40
0.14
2.76
0.94
34.1
1.82
9.1
16.6
FY17E
3.80
2.2
5.99
3.00
50.1
0.95
2.05
2.99
2.62
0.43
3.42
0.68
0.41
0.27
2.74
0.94
34.2
1.80
8.5
15.3
FY18E
3.81
2.2
5.97
2.94
49.3
0.94
2.01
3.03
2.54
0.38
3.40
0.57
0.49
0.08
2.83
0.96
34.0
1.87
9.0
16.7
FY19E
3.85
2.16
6.01
2.93
48.7
0.94
1.99
3.09
2.49
0.33
3.42
0.57
0.50
0.07
2.84
0.97
34.0
1.88
9.4
17.7
FY20E
3.78
2.12
5.90
2.85
48.33
0.93
1.92
3.05
2.40
0.28
3.33
0.58
0.51
0.07
2.76
0.94
34.00
1.82
10.05
18.28
Exhibit 8: DuPont Analysis: Improved profitability to continue to drive RoE higher
Y/E March
Net Interest Income
Core Fee Income
Core Income
Operating Expenses
Cost to Core Income
Employee cost
Others
Core operating Profits
Non Interest income
Trading and others
Operating Profits
Provisions
NPA
Others
PBT
Tax
Tax Rate
RoA
Leverage (x)
RoE
FY13
3.41
1.9
5.31
2.68
50.6
1.01
1.67
2.62
2.08
0.19
2.81
0.40
0.34
0.07
2.41
0.79
32.7
1.62
11.0
17.8
FY14
3.61
2.0
5.61
2.73
48.6
1.01
1.72
2.89
2.36
0.35
3.24
0.58
0.39
0.19
2.65
0.90
33.8
1.76
10.0
17.5
FY15
3.44
2.2
5.68
2.89
50.8
0.99
1.90
2.80
2.56
0.32
3.12
0.39
0.34
0.05
2.73
0.92
33.8
1.80
10.5
19.0
Source: MOSL, Company
Exhibit 9: DuPont Analysis: RoA remained healthy at ~1.7%+
NII
Fee income
Core Income
Operating costs
- Emp Costs
- Other Expenses
Cost to Core Income Ratio
Core Operating Profit
Trading and others
Operating Profit
Provisions
Tax
ROAA
Leverage (x)
ROAE
4QFY15
3.54
2.33
5.87
2.96
1.02
1.94
50.4
2.91
0.34
3.25
0.41
0.95
1.89
9.9
18.8
1QFY16
3.51
2.28
5.79
2.93
0.97
1.96
50.7
2.85
0.45
3.30
0.44
0.98
1.88
10.2
19.3
2QFY16
3.68
2.27
5.95
2.93
1.01
1.92
49.3
3.02
0.37
3.39
0.53
0.97
1.88
8.5
16.0
3QFY16
3.69
2.28
5.98
2.99
1.03
1.97
50.1
2.98
0.36
3.34
0.56
0.95
1.83
7.4
13.6
4QFY16
3.74
2.29
6.03
3.04
0.99
2.05
50.4
2.99
0.41
3.40
0.63
0.94
1.83
7.7
14.2
1QFY17
3.80
2.19
5.99
3.07
1.00
2.07
51.2
2.92
0.53
3.45
0.65
0.96
1.85
7.9
14.7
2QFY17
3.85
2.18
6.02
3.03
0.99
2.04
50.3
3.00
0.38
3.38
0.56
0.96
1.86
8.1
15.0
3QFY17
3.89
2.18
6.06
3.03
0.97
2.06
50.0
3.03
0.32
3.36
0.53
0.97
1.85
8.3
15.4
4QFY17
3.86
2.30
6.16
3.02
0.91
2.11
49.1
3.14
0.50
3.64
1.00
0.90
1.74
8.5
14.8
Source: MOSL, Company
19 April 2017
6

Indusind Bank
Story in charts
Exhibit 10: NIMs stable QoQ at 4% (+6bp YoY)
4.0 4.0 4.0 4.0
3.9 3.9 3.9
3.7 3.6 3.7 3.7 3.7
Exhibit 11: Traction in fee income continues
Fee Inc to avg. assets
3.7
3.8
Source: MOSL, Company
Source: MOSL, Company
Exhibit 12: Strong deposit growth led by low cost CASA
Deposits (INR b)
YoY Gr (%)
31
39 38 36
Exhibit 13: SA deposits grew by 58% YoY
CASA Ratio
YoY CASA Gr (%)
15
10 12
24 23
23
25
22 22 25
Source: MOSL, Company
Source: MOSL, Company
Exhibit 14: Loan growth at ~5x system growth (%)
Loans (INR b)
24 24
24 22 22
25
31 29
23
YoY Gr (%)
29
30
26
25
28
Exhibit 15: Share of CCB increased marginally QoQ
CFD (% of loans)
CCB (% of loans)
53 55 57 57 58 59 58 59 58 59 59 59 58 60
47 45 43 43 42 41 42 41 42 41 41 41 42 40
Source: MOSL, Company
Source: MOSL, Company
19 April 2017
7

Indusind Bank
Exhibit 16: Slippage ratio rises in C&IB (%)
5.0
4.0
3.0
2.0
1.0
0.0
Overall
CFD
C&IB
Exhibit 17: PCR ratio remained stable QoQ at 58%
GNPA (%)
74 70 70 70 70
NNPA (%)
PCR (%)
63 61 60 60 59 59 59 59 58
Source: MOSL, Company
Source: MOSL, Company
Exhibit 18: Restructured loans ticked lower (%)
Exhibit 19: Credit costs elevated led by one off provision and
higher corporate slippages
Credit Cost (annualized in bp)
70 70
95
51 54
60
41
68
53
52
64
63 63 60
Source: MOSL, Company
Source: MOSL, Company
Exhibit 20: Strong tier 1 capital ratio (%)
Exhibit 21: Branch expansion continues at a steady pace (%)
Source: MOSL, Company
Source: MOSL, Company
19 April 2017
8

Indusind Bank
Exhibit 22: Quarterly Snapshot (INR b)
FY15
1Q
Profit and Loss
Net Interest Income
Other Income
Trading profits
Others (Ex non core)
Total Income
Operating Expenses
Employee
Others
Operating Profits
Provisions
PBT
Taxes
PAT
Asset Quality
GNPA
NNPA
GNPA (%)
NNPA (%)
PCR (Calculated, %)
Ratios (%)
Fees to Total Income
Cost to Core Income
Tax Rate
CASA (Reported)
Loan/Deposit
RoA
RoE
Margins (%) - Reported
Yield on loans
Cost of deposits
Margins
Balance Sheet (INR b)
Loans
Investments
Deposits
CASA Deposits
of which Savings
Current
Borrowings
Total Assets
Risk Weighted Assets
8,007
6,059
899
5,161
14,066
6,574
2,203
4,371
7,492
1,104
6,388
2,177
4,211
6,544
1,956
1.1
0.3
70.1
36.7
49.9
34.1
33.3
91.8
1.9
19.0
13.5
8.2
3.7
587
213
639
213
106
107
142
904
741
2Q
8,331
5,940
490
5,450
14,271
7,024
2,393
4,631
7,247
732
6,515
2,213
4,302
6,545
1,950
1.1
0.3
70.2
38.2
51.0
34.0
33.9
90.8
1.9
18.2
13.3
8.0
3.6
599
199
660
224
114
110
133
923
778
3Q
8,614
6,490
885
5,605
15,104
7,366
2,556
4,810
7,738
980
6,758
2,286
4,471
6,727
2,015
1.1
0.3
70.0
37.1
51.8
33.8
34.1
92.0
1.9
18.3
13.0
7.8
3.7
638
213
694
236
122
115
168
1,000
847
4Q
1Q
2Q
FY16
3Q
4Q
1Q
13,564
9,730
1,911
7,819
23,294
10,956
3,569
7,387
12,338
2,305
10,033
3,419
6,614
8,606
3,555
0.9
0.4
58.7
33.6
51.2
34.1
34.4
92.1
1.9
15.1
12.1
6.9
4.0
937
287
1,018
350
191
160
172
1,458
1,216
2Q
14,603
9,704
1,449
8,256
24,307
11,491
3,758
7,733
12,816
2,139
10,677
3,635
7,042
8,990
3,692
0.9
0.4
58.9
34.0
50.3
34.0
36.5
88.1
1.9
15.4
11.9
6.6
4.0
989
365
1,123
410
206
205
191
1,578
1,274
FY17
3Q
15,784
10,168
1,320
8,848
25,952
12,319
3,940
8,378
13,633
2,169
11,465
3,959
7,506
4Q
16,675
12,113
2,150
9,963
28,788
13,065
3,943
9,122
15,722
4,301
11,421
3,905
7,516
Variation
(%)
QoQ YoY
6
19
63
13
11
6
0
9
15
98
0
-1
0
9
10
-1
0
-37
31
33
55
29
32
27
17
32
37
101
22
23
21
36
36
6
3
-19
9,251 9,807 10,943 11,734 12,682
6,991 7,616 7,835 8,390 9,128
899
1,254 1,102 1,131 1,386
6,092 6,362 6,733 7,259 7,742
16,243 17,423 18,778 20,124 21,810
7,737 8,196 8,713 9,514 10,298
2,654 2,723 3,007 3,267 3,364
5,084 5,473 5,706 6,247 6,934
8,505 9,227 10,065 10,610 11,512
1,074 1,233 1,581 1,771 2,137
7,431 7,994 8,484 8,839 9,375
2,478 2,744 2,884 3,029 3,172
4,953 5,250 5,600 5,810 6,204
5,629
2,105
0.8
0.3
62.6
37.5
50.4
33.3
34.1
92.8
1.9
19.8
12.8
7.7
3.7
688
229
741
253
129
124
206
1,091
889
5,701
2,248
0.8
0.3
60.6
36.5
50.7
34.3
34.7
93.0
1.9
20.4
12.7
7.6
3.7
722
236
777
269
140
129
214
1,144
906
6,021
2,408
0.8
0.3
60.0
35.9
49.3
34.0
34.7
96.8
1.9
16.7
12.4
7.4
3.9
783
268
808
281
150
130
211
1,233
1,016
6,811
2,733
0.8
0.3
59.9
36.1
50.1
34.3
35.0
95.1
1.9
14.1
12.1
7.2
3.9
822
277
864
302
161
141
205
1,309
1,064
7,768
3,218
0.9
0.4
58.6
35.5
50.4
33.8
35.2
95.1
1.9
14.6
12.0
7.1
3.9
884
312
930
327
172
155
222
1,401
1,163
9,716 10,549
4,007 4,389
0.9
0.9
0.4
0.4
58.8
58.4
34.1
50.0
34.5
37.0
86.2
1.9
15.7
11.7
6.4
4.0
1,028
353
1,192
442
252
190
203
1,671
1,318
34.6
49.0
34.2
36.9
89.3
1.7
15.1
11.4
6.1
4.0
1,131
367
1,266
466
270
196
225
1,786
1,435
-32
-27
0
10
4
6
6
7
3
11
7
9
-63
-98
6
28
18
36
43
57
27
1
28
23
Source: MOSL, Company
19 April 2017
9

Indusind Bank
Financials and Valuations
Income Statement
Y/E March
Interest Income
Interest Expense
Net Interest Income
Change (%)
Non Interest Income
Net Income
Change (%)
Operating Expenses
Pre Provision Profits
Change (%)
Provisions (excl tax)
PBT
Tax
Tax Rate (%)
PAT
Change (%)
Equity Dividend (Incl tax)
Core PPP*
Change (%)
*Core PPP is (NII+Fee income-Opex)
Balance Sheet
Y/E March
Equity Share Capital
Reserves & Surplus
Net Worth
Of which Equity Networth
Deposits
Change (%)
of which CASA Dep
Change (%)
Borrowings
Other Liabilities & Prov.
Total Liabilities
Current Assets
Investments
Change (%)
Loans
Change (%)
Fixed Assets
Other Assets
Total Assets
Asset Quality
GNPA (INR m)
NNPA (INR m)
GNPA Ratio
NNPA Ratio
PCR (Excl Tech. write off)
E: MOSL Estimates
2013
69,832
47,504
22,329
31.0
13,630
35,958
32.4
17,564
18,395
34.0
2,631
15,764
5,152
32.7
10,612
32.2
1,838
17,325
36.6
2014
82,535
53,628
28,907
29.5
18,905
47,812
33.0
21,853
25,960
41.1
4,676
21,283
7,203
33.8
14,080
32.7
2,154
23,327
34.6
2015
96,920
62,717
34,203
18.3
25,480
59,683
24.8
28,701
30,982
19.3
3,891
27,092
9,155
33.8
17,937
27.4
2,552
28,232
21.0
2016
115,807
70,641
45,166
32.1
32,970
78,135
30.9
36,721
41,414
33.7
6,722
34,693
11,828
34.1
22,865
27.5
3,522
36,541
29.4
2017
144,057
83,431
60,626
34.2
41,715
102,341
31.0
47,831
54,510
31.6
10,913
43,597
14,918
34.2
28,679
25.4
4,176
47,681
30.5
2018E
171,666
97,372
74,293
22.5
49,507
123,800
21.0
57,397
66,403
21.8
11,155
55,248
18,784
34.0
36,464
27.1
6,372
59,074
23.9
(INR Million)
2019E
2020E
207,293
256,267
116,193
145,484
91,100
110,783
22.6
21.6
58,976
70,373
150,076
181,155
21.2
20.7
69,241
83,535
80,834
97,620
21.7
20.8
13,540
16,875
67,294
80,745
22,880
27,453
34.0
34.0
44,414
53,292
21.8
20.0
7,761
9,313
73,005
89,291
23.6
22.3
(INR Million)
2019E
2020E
5,982
5,982
267,020
310,896
273,001
316,878
273,001
316,878
1,944,149 2,469,070
28.0
27.0
772,779
990,848
29.5
28.2
271,041
297,836
129,431
155,311
2,617,622 3,239,095
175,683
221,595
528,511
634,213
20.0
20.0
1,766,883 2,208,604
25.0
25.0
18,352
20,852
128,193
153,831
2,617,622 3,239,095
2377%
2374%
(%)
19,067
24,336
7,359
8,776
1.1
1.1
0.4
0.4
61.4
63.9
2013
5,229
71,074
76,303
76,303
541,167
27.7
158,674
37.2
94,596
21,000
733,065
68,487
196,542
34.9
443,206
26.4
7,561
17,269
733,065
2014
5,256
85,173
90,430
90,430
605,023
11.8
196,909
24.1
147,620
27,187
870,259
67,694
215,630
9.7
551,018
24.3
10,164
25,753
870,259
2015
5,295
101,151
106,445
106,445
741,344
22.5
252,996
28.5
206,181
63,904
1,117,874
107,791
228,783
6.1
687,882
24.8
11,576
81,841
1,117,874
2016
5,950
171,010
176,960
176,960
930,003
25.4
327,243
29.3
221,559
72,048
1,400,570
101,119
312,143
36.4
884,193
28.5
12,553
90,561
1,400,570
2017
5,982
200,480
206,461
206,461
1,265,722
36.1
466,460
42.5
224,537
89,764
1,786,484
186,283
367,021
17.6
1,130,805
27.9
13,352
89,023
1,786,484
2755%
10,548
4,388
0.9
0.4
58.4
2018E
5,982
230,469
236,451
236,451
1,518,867
20.0
596,594
27.9
251,682
107,923
2,114,922
138,310
440,426
20.0
1,413,506
25.0
15,852
106,827
2,114,922
1838%
14,583
5,957
1.0
0.4
59.2
4,578
1,368
1.0
0.3
70.1
6,208
1,841
1.1
0.3
70.4
5,629
2,105
0.8
0.3
62.6
7,768
3,218
0.9
0.4
58.6
19 April 2017
10

Indusind Bank
Financials and Valuations
Ratios
Y/E March
Spreads Analysis (%)
Avg. Yield-Earning Assets
Avg. Yield on loans
Avg. Yield on Investments
Avg. Cost-Int. Bear. Liab.
Avg. Cost of Deposits
Interest Spread
Net Interest Margin
Profitability Ratios (%)
RoE
RoA
Int. Expense/Int.Income
Fee Income/Net Income
Non Int. Inc./Net Income
Efficiency Ratios (%)
Cost/Income*
Empl. Cost/Op. Exps.
Busi. per Empl. (INR m)
NP per Empl. (INR lac)
* ex treasury and RWO
Asset-Liability Profile (%)
Loans/Deposit Ratio
CASA Ratio
Investment/Deposit Ratio
G-Sec/Investment Ratio
CAR
Tier 1
Valuations
Book Value (INR)
Change (%)
Price-BV (x)
Adjusted BV (INR)
Price-ABV (x)
EPS (INR)
Change (%)
Price-Earnings (x)
Dividend Per Share (INR)
Dividend Yield (%)
E: MOSL Estimates
141.9
46.7
10.0
140.2
10.2
20.3
18.3
70.1
3.0
0.2
164.5
15.9
8.7
162.2
8.8
26.8
32.0
53.1
3.5
0.2
193.7
17.7
7.3
191.1
7.4
33.9
26.5
42.0
4.0
0.3
291.0
50.3
4.9
287.5
4.9
38.4
13.4
37.0
4.5
0.3
339.0
16.5
4.2
334.2
4.3
47.9
24.8
29.7
6.0
0.4
389.3
14.8
3.7
382.8
3.7
61.0
27.1
23.3
9.1
0.6
450.6
15.7
3.2
442.6
3.2
74.3
21.8
19.2
11.1
0.8
524.1
16.3
2.7
514.5
2.8
89.1
20.0
16.0
13.4
0.9
81.9
29.3
36.3
71.8
15.4
13.8
91.1
32.5
35.6
71.3
13.8
12.7
92.8
34.1
30.9
78.3
12.1
11.2
95.1
35.2
33.6
81.0
15.5
14.9
89.3
36.9
29.0
90.3
15.3
14.7
93.1
39.3
29.0
86.8
14.3
13.8
90.9
39.7
27.2
88.9
13.3
12.9
89.5
40.1
25.7
90.2
12.4
12.0
50.6
37.7
84.3
1.0
48.6
37.0
79.0
1.0
50.8
34.2
74.5
1.0
50.1
33.7
76.9
1.1
50.1
31.8
86.6
1.2
49.3
31.8
96.9
1.3
48.7
32.2
102.8
1.4
48.3
32.5
112.1
1.4
17.8
1.6
68.0
34.5
37.9
17.5
1.8
65.0
33.7
39.5
19.0
1.8
64.7
37.4
42.7
16.6
1.8
61.0
36.0
42.2
15.3
1.8
57.9
34.1
40.8
16.7
1.9
56.7
34.1
40.0
17.7
1.9
56.1
34.1
39.3
18.3
1.8
56.8
34.2
38.8
11.7
14.1
7.5
8.3
8.3
3.4
3.7
11.3
13.3
7.2
7.7
7.6
3.5
3.9
10.9
12.5
7.1
7.4
7.7
3.5
3.9
10.4
11.8
6.6
6.7
6.8
3.6
4.0
10.1
11.4
7.3
6.3
6.1
3.8
4.2
9.8
11.0
6.7
6.0
5.6
3.8
4.2
9.7
10.7
6.4
5.8
5.4
3.8
4.2
9.6
10.7
6.3
5.8
5.5
3.8
4.2
2013
2014
2015
2016
2017
2018E
2019E
2020E
19 April 2017
11

Indusind Bank
Corporate profile
Company description
IndusInd Bank (IIB) is one of the ten new private
sector banks which were awarded license in 1994.
The bank has pan-India presence with 1,004
branches and 1,885 ATMs as on June 20, 2016. It also
has one representative office each in Dubai and
London. Current management team, led by
Managing Director Mr Romesh Sobti, took charge in
February 2008 and has since been effecting
structural and operational changes to improve
productivity and efficiency, leading to strong
improvement in core operating performance.
Exhibit 2: Shareholding pattern (%)
Promoter
DII
FII
Others
Dec-16
15.0
12.5
54.0
18.6
Sep-16
14.9
11.6
54.7
18.9
Dec-15
14.9
11.2
53.9
20.0
Exhibit 1: Sensex rebased
Source: MOSL/Bloomberg
Exhibit 3: Top holders
Holder Name
Bridge India Fund
Afrin Dia
Icici Prudential Life Insurance Company
Limited
Tybourne Equity Master Fund
Franklin Templeton Investment Funds
% Holding
3.9
1.7
1.4
1.4
1.2
Source: Capitaline
Note: FII Includes depository receipts
Source: Capitaline
Exhibit 4: Top management
Name
R Seshasayee
Romesh Sobti
Haresh Gajwani
Designation
Part Time Chairman
Managing Director & CEO
Company Secretary
Exhibit 5: Directors
Name
R Seshasayee
Romesh Sobti
Vijay Vaid*
Ashok Kini*
Name
Kanchan Chitale*
Yashodhan M Kale
Ranbir Singh Butola
T Anantha Narayanan
Source: Capitaline
*Independent
Exhibit 6: Auditors
Name
Bhandari & Associates
BSR & Co LLP
BSR & Co LLP
Type
Secretarial Audit
Independent
Statutory
Exhibit 7: MOSL forecast v/s consensus
EPS
(INR)
FY18
FY19
MOSL
forecast
61.0
74.3
Consensus
forecast
60.8
75.6
Variation
(%)
0.4
-1.7
Source: Bloomberg
Source: Capitaline
19 April 2017
12

Indusind Bank
NOTES
19 April 2017
13

Disclosures
This document has been prepared by Motilal Oswal Securities Limited (hereinafter referred to as Most) to provide information about the company (ies) and/sector(s), if any, covered in the report and may be distributed
Bank
Indusind
by it and/or
its affiliated company(ies). This report is for personal information of the selected recipient/s and does not construe to be any investment, legal or taxation advice to you. This research report does not constitute an offer, invitation or
inducement to invest in securities or other investments and Motilal Oswal Securities Limited (hereinafter referred as MOSt) is not soliciting any action based upon it. This report is not for public distribution and has been furnished to
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In respect of any matter arising from or in connection with the research you could contact the following representatives of Motilal Oswal Capital Markets Singapore Pte Limited:
Varun Kumar
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Contact : (+65) 68189232
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Motilal Oswal Securities Ltd
19 April 2017
Motilal Oswal Tower, Level 9, Sayani Road, Prabhadevi, Mumbai 400 025
Phone: +91 22 3982 5500 E-mail: reports@motilaloswal.com
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