IndusInd Bank Research Report By IIFL

Retain BUY and 24-month target price of Rs 811 Aided by margin uptick, robust fee growth, operating leverage and moderation in credit cost, IndusInd Bank is poised to deliver average RoA of 2% and average RoE of 20% over FY15‐17. We believe the bank would witness industry‐best earnings growth of near 30% pa over the aforesaid period. Given superior growth‐profitability matrix and waning concerns around its retail asset quality, current valuation of 2.3x FY17 P/Adj.BV is reasonably attractive. Retain BUY with a 24‐month price target of Rs811.

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