The shares of IndusInd Bank ltd have fallen 1.80% on Thursday despite the company reporting excellent Q3 results for FY2023. The share opened at the price of Rs 1,211 and closed at the price of Rs.1201.
IndusInd Bank reported a total income of ₹ 4,495 crores in Q3FY2022, a year-on-year increase of 18%. This was driven by growth in loans by 19% and a widening in net interest margin from 0.17% to 4.27%. The company has also reported a net profit of ₹ 1,964 crores which is a year-on-year increase of 58% which was driven by improvements in asset quality and core income.
The other income grew to Rs 2,076 crore during Q3FY23 from Rs 1,877 crore in the year-ago period. This includes an 11% growth in the total fee income at Rs 2,077 crore, the bank stated.
The bank was able to post a 14% growth in the overall deposits that was driven by the retail deposits amid a wide divergence in the credit-deposit growth numbers in the system which has triggered what some bankers call a war for deposits.
Jefferies has a ‘Buy’ call on IndusInd Bank ltd with a target price of Rs 1600 per share which represents an upside of 33.22% from the current levels of Rs 1201.
Motilal Oswal has given a ‘Buy’ call on IndusInd Bank ltd with a target price of Rs 1450 per share which represents an upside of 20.7% from the current levels of Rs 1201.
Written by Aaron Vas
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