Indusind Bank - Ahead of expectations on most counts - Kotak

2QFY14 was marked by a strong performance with earnings growth of 32% yoy, leading to 35% revenue growth. NIM compression was lower than expected at 7 bps qoq, non-interest income was stronger led by forex and investment banking and loan impairment ratios showed stable trends. We maintain our positive view on the bank with TP at Rs. 470 (from Rs. 430 earlier) noting its key strength in the highly profitable retail business, strong tier-1 ratio, healthy fee income business and execution on the liability side. Maintain BUY.

Source : Equity Bulls

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