By Aditya Raghunath
Investing.com -- IndusInd Bank Ltd. (NS: INBK ) reported its numbers for Q1 FY22. Net profit for the June 2021 quarter doubled to Rs 1,016.11 crore compared to Rs 510.39 crore in the June 2020 quarter.
Total income rose to Rs 9,362.76 crore from Rs 8,682.17 in the June 2020 quarter. Brokerages are positive about the stock. IndusInd share price is at Rs 991.65, down 0.11%, as of this report.
Brokerages are positive on the stock. CLSA raised its target price from Rs 1,325 to Rs 1,350 with a buy rating. It said, “The asset quality performance seemed manageable, while management intends to focus on growth as the second wave impact subsides.”
Morgan Stanley (NYSE: MS ) is overweight on the stock with a price target of Rs 1,225. It said, “The Q1 bad loan formation at 2.1% of loans was good. The core PPoP of 8% was above the estimates; see good recovery in H2 FY22.”Motilal Oswal Financial Services Ltd (NS: MOFS ) has a target of Rs 1,200 on the stock with a buy rating. It said, “The bank reported an inline operating performance in a challenging environment. Loan growth moderated, while the liability franchise continues to show an improvement, driving a consistent reduction in funding cost. Higher provision coverage and contingent provisioning of 1% of loans provide comfort. We expect the bank to deliver an FY23E RoA/RoE of 1.7%/14.4%.”
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