Bernstein on IndusInd BK : O-P, TP Rs 1000

IndusInd’s recovery is broadening, with stronger lending momentum and improving asset quality supporting higher returns despite continued contraction in personal loan and credit card balances. Standalone PAT grew 17% QoQ, taking RoA to 0.82% from 0.75%, supported by lower provisions and stronger fee income With further credit-cost benefits likely to be more measured, margin recovery and sustained fee growth become increasingly important to achieving the bank’s 1% exit RoA ambition.

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