Jefferies on IndusInd Bk ; Buy. TP cut to Rs 1130

Q2 profit of Rs12bn, vs. loss last yr, was ahead with lower credit cost & better fee/ treasury. Loans grew by 11% YoY, NII by 4%, & asset quality continues to improve See levers to improve profitability through better PPoP, even as credit costs are near the bottom Lower earnings estimates to factor in tighter banca fee rules & a tad higher credit cost

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