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Citigroup has buy on IndusInd Bank, target price Rs 1,980

Buy IndusInd Bank Ltd. at a price target of Rs 1980.0 .

Updated: Oct 07, 2019, 08.34 AM IST
Citigroup has a buy rating on IndusInd Bank in the long term with a target price of Rs 1,980. Shares of IndusInd Bank ended up 0.3% at Rs 1,259 on Friday while BSE Sensex closed 433.56 points down at 37,673.31.

Company Financials

For the quarter ended 30-06-2019, the company has reported consolidated interest Income of Rs 5753.84 crore, up 17.55% from last quarter interest income of Rs 4894.74 crore and up 38.76% from last year same quarter interest income of Rs 4146.62 crore. The bank has reported net profit after tax of Rs 1432.50 crore in latest quarter.

Investment Rationale

The bank has reiterated that its credit quality remains stable and expects credit cost to be around 60-70 bps for FY20, said Citi. It plans to use the benefit from its corporate tax rate cut to boost its NPA coverage ratio to 60%. IndusInd Bank has 0.35% of exposure towards Indiabulls Housing Finance and its subsidiaries and the account remains standard with timely repayments.

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