reports
- Nitin Aggarwal
MOSL : INDIAN BANK: Operating performance healthy; asset quality impro...
INDIAN BANK: Operating performance healthy; asset quality improves (INBK IN, Mkt Cap USD2.8b, CMP INR178, TP INR210, 18% Upside, Buy) Indian Bank (INBK) posted a steady quarter with net profit rising 3% YoY aided by healthy NII and lower opex (as 4QFY22 had a one-off impact of pension liability). NIM expanded while business growth showed healthy traction. Asset quality ratios improved; however, slippages and restructured book at 4.2% of loans remained elevated. We increase our FY23E/FY24E...
INDIAN BANK sees an upgrade to Slightly Positive due to a better funda...
The general evaluation of INDIAN BANK (IN), a company active in the Money Center Banks industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date January 28, 2022, the closing price was...
- Nitin Aggarwal
MOSL: INDIAN BANK (Buy)-Operating performance showing recovery signs
INDIAN BANK: Operating performance showing recovery signs (INBK IN, Mkt Cap USD2.3b, CMP INR139, TP INR175, 26% Upside, Buy) Slippages/credit cost likely to stay elevated; restructured book ~2.7% INBK reported healthy operating performance supported by modest opex and higher other income, even as business growth remains muted. NIM, however, expanded 51bp QoQ to 2.85% (higher slippages in 4QFY21). Provisions continue to remain elevated, despite the bank reporting healthy RoA/RoE of ~0.8%/...
- Nitin Aggarwal
MOSL: INDIAN BANK (Neutral)-Higher other income supports earnings; ass...
Indian Bank: Higher other income supports earnings; asset quality stable (INBK IN, Mkt Cap USD0.9b, CMP INR105, TP INR120, 14% Upside, Neutral) Business growth to moderate; credit cost to stay elevated INBK reported moderation in loan growth, led by a 4% YoY decline in its corporate book. However, asset quality remains largely stable despite higher slippages. We expect the operating performance to remain modest (NII, core fee income, PPoP), although credit cost is likely to remain high. ...
- Nitin Aggarwal
MOSL: INDIAN BANK (Buy)-Steady quarter-Earnings supported by higher tr...
INDIAN BANK: Steady quarter; Earnings supported by higher treasury gains (INBK IN, Mkt Cap USD1.3b, CMP INR190, TP INR250, 32% Upside, Buy) 1QFY20 PAT of INR3.7b (significantly ahead of estimates), was led by higher treasury gains and lower provisions of INR7.9b (v/s est. of INR10.6b). NII declined 1% YoY to INR17.8b (in-line); however, domestic margins declined 10bp QoQ to 2.9% due to 5bp increase in cost of funds. Other income grew 58% YoY led by treasury gains of INR2.0b. Total inc...
- Nitin Aggarwal
MOSL: INDIAN BANK (Buy)-Operating performance in line-higher provision...
Indian Bank: Operating performance in line; higher provisions drive losses (INBK IN, Mkt Cap USD1.6b, CMP INR233, TP INR280, 20% Upside, Buy) INBK reported a loss of INR1.9b (our estimate: PAT of INR1.8b), dragged by higher provisions of INR16.4b (our estimate: INR10.1b). NII increased 8% YoY to INR17.6b (in-line), as the margin expanded 7bp QoQ to 2.95%. For FY19, NII grew by 12%, while PAT stood at INR3.2b (v/s INR12.6b in FY18). Total income grew 10% YoY, as fee income picked up to IN...
- Nitin Aggarwal
MOSL: INDIAN BANK (Buy)-Asset quality deteriorates further, expect gra...
Indian Bank: Asset quality deteriorates further, expect gradual recovery in earnings (INBK IN, Mkt Cap USD1.6b, CMP INR239, TP INR300, 26% Upside, Buy) INBK reported PAT of INR1.5b, significantly below our estimate of INR3.2b due to lower other income of INR4.4b (25% miss). NII grew 6% YoY (-1% QoQ) to INR17.2b (6% below our estimate) due to higher interest reversals of INR1.8b. Margins shrank 9bp QoQ to 2.88% in the quarter. Fee income declined 10.2% QoQ to INR2.6b, while forex incom...
- Nitin Aggarwal
MOSL: INDIAN BANK (Buy)-Operating performance in line-Earnings to reco...
Indian Bank: Operating performance in line; Earnings to recover gradually (INBK IN, Mkt Cap USD1.5b, CMP INR229, TP INR350, 53% Upside, Buy) INBK reported PAT of INR1.5b (significantly below our estimates of INR2.9b) weighed down by elevated provisions of INR10b (25% above our estimate). NII grew 12% YoY to INR17.3b (4% above our estimates) led by ~20% YoY loan growth to INR1.7t (3% above our estimates). Margins for the quarter stood at 2.97%. Muted treasury gains led to 40% YoY decline i...
- Nitin Aggarwal
MOSL: INDIAN BANK (Buy)-Stable operating performance; earnings to reco...
Indian Bank: Stable operating performance; earnings to recover gradually (INBK IN, Mkt Cap USD2.5b, CMP INR355, TP INR430, 21% Upside, Buy) INBK reported a 44% YoY decline in net earnings to INR2.09b (in-line) due to elevated provisions. NII grew 24% YoY to INR18b (7% beat), led by 22% YoY loan growth and a 25bp improvement in the margins (to 3%) on account of INR1.45b recoveries recorded in interest income. Muted treasury gains led to a 33% YoY decline in other income. Loan book grew b...
MOSL: INDIAN BANK (Buy) - Balance sheet growth picks up, asset quality...
INDIAN BANK: Balance sheet growth picks up, asset quality deteriorates due to accelerated recognition (INBK IN, Mkt Cap USD2.3b, CMP INR314, TP INR371, 18% Upside, Buy) INBK reported a loss before tax of INR3.8b, as provisions were elevated due to high slippages from the RBI's revised stress asset guidelines. However, tax write-backs led to PAT of INR1.3b (60% miss). Provisions included ~INR540m toward NCLT exposures, INR3.7b toward accounts slipped due to the RBI's revised stressed asset...
- Nitin Aggarwal
MOSL: INDIAN BANK (Buy)-Strong operating performance with improving as...
Indian Bank: Strong operating performance with improving asset quality; Reiterate Buy (INBK IN, Mkt Cap USD2.7b, CMP INR356, TP INR430, 21% Upside, Buy) INBK reported core operating profit (excl. treasury gains) growth of 55% YoY to INR 11.3b. However, PAT of INR3b was 38% below estimates, as provisions of INR9.2b were above estimates (included INR4.7b of provisions for MTM losses). NII grew 30% YoY to INR16.2bn (6% above estimate) led by 22% YoY loan growth and 3bp QoQ improvement in gl...
- Nitin Aggarwal
MOSL: INDIAN BANK (Buy)- Strong operational performance with asset qua...
​Indian Bank:Strong operational performance with asset quality improvement(INBK IN, Mkt Cap USD2.7b, CMP INR377, TP INR438, 16% Upside, Buy)INBK reported PAT of INR4.5b (13% beat) v/s INR4.05b in 2QFY17, led by strong revenue growth and controlled operating expenses.NII grew 21% YoY to INR15.4b (5% beat), led by 13% YoY loan growth and a 12bp QoQ improvement in the global margin. This, supported by healthy 22% YoY growth in other income (36% YoY growth in core fees), helped deliver total reven...
- Alpesh Mehta
MOSL: INDIAN BANK (Buy)-Focus on core operating parameters continues-A...
​Indian Bank: Focus on core operating parameters continues; Asset quality improves(INBK IN, Mkt Cap USD1.9b, CMP INR329, TP INR382, 16% Upside, Buy)INBK reported PAT of INR3.7b (in-line) v/s INR3.2m in 1QFY17, led by strong total income of INR21.1b (+26% YoY led by 48% YoY growth in other income) and controlled opex (11% YoY, -5% QoQ). Provisioning was 52% higher than estimate at INR7.2b, as PCR increased 350bp QoQ to 61.65%. Gross slippages increased 14% QoQ, but strong recoveries and upgrade...
- Alpesh Mehta
MOSL: INDIAN BANK (Buy)-Focus resumes on Growth-NIM improves 20bp QoQ
​Indian Bank: Focus resumes on Growth; NIM improves 20bp QoQ(INBK IN, Mkt Cap USD2.3b, CMP INR311, TP INR360, 16% Upside, Buy)Indian Bank (INBK) reported PAT of INR3.2b (50% beat) v/s INR845m in 4QFY16 (subdued due to the RBI's AQR), led by strong NII of INR13.85b (+22% YoY) and controlled opex (8% YoY, 9% QoQ). Provisioning was 24% higher than estimate at INR8.07b due to high MTM provisions during the quarter (INR1.63b).GNPA increased just 2% QoQ in absolute numbers to INR98.6b whereas, OSRL ...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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