IndusInd Bank

IndusInd Bank's npls (as % of loans) rose 79.6% to 2.10% in 2018

By Helgi Analytics - November 3, 2019

IndusInd Bank's non-performing loans reached 2.10% of total loans at the end of 2018, up from 1.17% compared to the previous year...

IndusInd Bank's net profit fell 8.47% to INR 33.0 bil in 2018

By Helgi Analytics - November 3, 2019

IndusInd Bank made a net profit of INR 33.0 bil under revenues of INR 143 bil in 2018, up -8.47% and 17.0% respectively compared to t...

IndusInd Bank's price/earnings (P/E) rose 8.68% to 32.5 in 2018

By Helgi Analytics - November 3, 2019

IndusInd Bank stock traded at INR 1,770 per share at the end 2018 implying a market capitalization of USD 15,371 mil. Since the end of ...

Profit Statement 2016 2017 2018
Net Interest Income INR bil 60.6 75.0 88.5
Net Fee Income INR bil 29.0 34.1 40.7
Other Income INR bil 12.7 13.3 14.0
Total Revenues INR bil 102 122 143
Operating Profit INR bil 54.5 66.5 79.2
Provisions INR bil 25.8 30.5 29.3
Net Profit INR bil 28.7 36.1 33.0
Balance Sheet 2016 2017 2018
Interbank Loans INR bil 109 22.5 48.2
Customer Loans INR bil 1,131 1,450 1,864
Debt Securities INR bil 367 501 593
Total Assets INR bil 1,787 2,216 2,778
Shareholders' Equity INR bil 206 238 267
Interbank Borrowing INR bil 6.00 6.68 5.74
Customer Deposits INR bil 1,266 1,516 1,949
Issued Debt Securities INR bil 225 383 473
Ratios 2016 2017 2018
ROE % 15.0 16.2 13.1
ROA % 1.78 1.80 1.32
Costs (As % Of Assets) % 2.98 2.79 2.56
Costs (As % Of Income) % 46.8 45.7 44.7
Capital Adequacy Ratio % ... 15.0 14.2
Net Interest Margin % 3.77 3.75 3.54
Loans (As % Of Deposits) % 89.3 95.6 95.7
NPLs (As % Of Loans) % 1.00 1.17 2.10
Provisions (As % Of NPLs) % 54.2 56.3 43.0
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 12,544 16,926 15,371
Share Price (End Of Period) INR 1,414 1,781 1,770
Price/Earnings (P/E) 29.7 29.9 32.5
Price/Book Value (P/BV) 4.13 4.52 4.02
Dividend Yield % 0.421 0.417 0.421
Earnings Per Share (EPS) INR 47.6 59.6 54.4
Book Value Per Share INR 342 394 440
Dividend Per Share INR 5.95 7.44 7.46

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summary Unit 2012 2013 2014 2015 2016 2017 2018
income statement              
Net Interest Income INR bil 22.4 28.9 34.2 45.2 60.6    
Total Revenues INR bil 35.9 46.9 58.9 78.1 102    
Operating Profit INR bil 18.3 25.1 31.7 41.3 54.5    
Net Profit INR bil 10.6 14.1 17.9 22.9 28.7    
balance sheet              
Interbank Loans INR bil 36.0 23.6 67.4 55.9 109    
Customer Loans INR bil 443 551 688 884 1,131    
Debt Securities INR bil 197 216 249 341 367    
Total Assets INR bil 733 870 1,091 1,429 1,787    
Shareholders' Equity INR bil 76.3 90.4 106 177 206    
Interbank Borrowing INR bil 63.9 94.9 128 33.6 6.00    
Customer Deposits INR bil 541 605 741 930 1,266    
Issued Debt Securities INR bil 34.2 55.8 81.7 222 225    
ratios              
ROE % 13.9 16.9 18.2 16.1 15.0    
ROA % 1.45 1.76 1.83 1.81 1.78    
Costs (As % Of Assets) % 2.40 2.73 2.78 2.91 2.98    
Costs (As % Of Income) % 48.9 46.6 46.3 47.0 46.8    
Capital Adequacy Ratio % 15.4 13.8 ... ... ...    
Net Interest Margin % 3.05 3.61 3.49 3.59 3.77    
Interest Income (As % Of Revenues) % 62.3 61.7 58.1 57.9 59.3    
Fee Income (As % Of Revenues) % 26.4 24.9 26.3 28.6 28.3    
Equity (As % Of Assets) % 10.4 10.4 9.76 12.4 11.6    
Loans (As % Of Deposits) % 81.9 91.1 92.8 95.1 89.3    
Loans (As % Assets) % 60.5 63.3 63.0 61.9 63.3    
NPLs (As % Of Loans) % 1.03 1.12 0.814 1.00 1.00    
Provisions (As % Of NPLs) % 70.1 70.4 62.6 54.5 54.2    
valuation              
Market Capitalisation (End Of Period) USD mil 3,864 4,270 7,441 8,680 12,544    
Number Of Shares (Average) mil 496 533 537 582 603    
Share Price (End Of Period) INR 427 495 874 988 1,414    
Earnings Per Share (EPS) INR 21.4 26.4 33.4 39.3 47.6    
Book Value Per Share INR 154 170 198 304 342    
Dividend Per Share INR 3.17 3.45 3.95 4.60 5.95    
Price/Earnings (P/E) 19.9 18.7 26.2 25.2 29.7    
Price/Book Value (P/BV) 2.77 2.92 4.41 3.25 4.13    
Dividend Yield % 0.742 0.698 0.452 0.465 0.421    
Earnings Per Share Growth % ... 23.4 26.5 17.5 21.2    
Book Value Per Share Growth % ... 10.2 16.9 53.3 12.7    
income statement Unit 2012 2013 2014 2015 2016 2017 2018
income statement              
Interest Income INR bil 69.9 82.6 97.0 119 144    
Interest Cost INR bil 47.5 53.6 62.7 73.6 83.4    
Net Interest Income INR bil 22.4 28.9 34.2 45.2 60.6    
Net Fee Income INR bil 9.47 11.7 15.5 22.3 29.0    
Other Income INR bil 4.06 6.29 9.20 10.6 12.7    
Total Revenues INR bil 35.9 46.9 58.9 78.1 102    
Operating Cost INR bil 17.6 21.9 27.3 36.7 47.8    
Operating Profit INR bil 18.3 25.1 31.7 41.3 54.5    
Provisions INR bil 2.62 3.80 4.55 18.5 25.8    
Extra and Other Cost INR bil -0.054 -0.002 0.019 -0.070 -0.031    
Pre-Tax Profit INR bil 15.8 21.3 27.1 22.9 28.7    
Tax INR bil 5.15 7.20 9.15 0 0    
Minorities INR bil 0 0 0 0 0    
Net Profit INR bil 10.6 14.1 17.9 22.9 28.7    
Dividends INR bil 1.57 1.84 2.12 2.68 3.59    
growth rates              
Net Interest Income Growth % ... 29.4 18.3 32.0 34.1    
Net Fee Income Growth % ... 23.6 32.3 44.1 29.8    
Total Revenue Growth % ... 30.8 25.5 32.5 31.1    
Operating Cost Growth % ... 24.4 24.7 34.7 30.3    
Operating Profit Growth % ... 36.9 26.2 30.6 31.8    
Pre-Tax Profit Growth % ... 35.0 27.3 -15.6 25.4    
Net Profit Growth % ... 32.7 27.4 27.5 25.4    
market share              
Market Share in Revenues % 1.52 1.74 1.94 2.32 2.54   ...
Market Share in Net Profit % 1.79 2.61 3.29 5.56 ... ... ...
balance sheet Unit 2012 2013 2014 2015 2016 2017 2018
balance sheet              
Cash INR bil 32.5 44.1 40.4 45.2 77.5    
Interbank Loans INR bil 36.0 23.6 67.4 55.9 109    
Customer Loans INR bil 443 551 688 884 1,131    
Debt Securities INR bil 197 216 249 341 367    
Fixed Assets INR bil 7.56 10.2 11.6 12.6 13.4    
Total Assets INR bil 733 870 1,091 1,429 1,787    
Shareholders' Equity INR bil 76.3 90.4 106 177 206    
Of Which Minority Interest INR bil 0 0 0 0 0    
Liabilities INR bil 657 780 985 1,252 1,580    
Interbank Borrowing INR bil 63.9 94.9 128 33.6 6.00    
Customer Deposits INR bil 541 605 741 930 1,266    
Sight Deposits INR bil 88.3 97.8 124 155 196    
Term Deposits INR bil 453 507 618 775 1,070    
Issued Debt Securities INR bil 34.2 55.8 81.7 222 225    
Other Liabilities INR bil 17.5 24.1 33.6 66.8 83.8    
asset quality              
Non-Performing Loans INR bil 4.58 6.21 5.63 8.89 11.4    
Gross Loans INR bil 446 555 691 889 1,137    
Total Provisions INR bil 3.21 4.37 3.52 4.84 6.16    
growth rates              
Customer Loan Growth % ... 24.3 24.8 28.5 27.9    
Total Asset Growth % ... 18.7 25.4 31.0 25.0    
Shareholders' Equity Growth % ... 18.5 17.7 66.3 16.7    
Customer Deposit Growth % ... 11.8 22.5 25.4 36.1    
market share              
Market Share in Customer Loans % 0.802 0.857 0.969 1.11 1.37   ...
Market Share in Total Assets % 0.844 0.860 0.980 1.13 1.26   ...
Market Share in Customer Deposits % 0.860 0.841 0.908 1.02 1.19   ...
ratios Unit 2012 2013 2014 2015 2016 2017 2018
ratios              
ROE % 13.9 16.9 18.2 16.1 15.0    
ROA % 1.45 1.76 1.83 1.81 1.78    
Costs (As % Of Assets) % 2.40 2.73 2.78 2.91 2.98    
Costs (As % Of Income) % 48.9 46.6 46.3 47.0 46.8    
Capital Adequacy Ratio % 15.4 13.8 ... ... ...    
Tier 1 Ratio % 13.8 12.7 ... ... ...    
Net Interest Margin % 3.05 3.61 3.49 3.59 3.77    
Interest Spread % ... 2.83 2.78 2.85 3.07    
Asset Yield % 9.53 10.3 9.89 9.42 8.96    
Cost Of Liabilities % ... 7.47 7.11 6.58 5.89    
Payout Ratio % 14.8 13.1 11.8 11.7 12.5    
Interest Income (As % Of Revenues) % 62.3 61.7 58.1 57.9 59.3    
Fee Income (As % Of Revenues) % 26.4 24.9 26.3 28.6 28.3    
Other Income (As % Of Revenues) % 11.3 13.4 15.6 13.5 12.4    
Equity (As % Of Assets) % 10.4 10.4 9.76 12.4 11.6    
Loans (As % Of Deposits) % 81.9 91.1 92.8 95.1 89.3    
Loans (As % Assets) % 60.5 63.3 63.0 61.9 63.3    
NPLs (As % Of Loans) % 1.03 1.12 0.814 1.00 1.00    
Provisions (As % Of NPLs) % 70.1 70.4 62.6 54.5 54.2    
Provisions (As % Of Loans) % 0.724 0.793 0.512 0.548 0.545    
Cost of Provisions (As % Of Loans) % 0.591 0.765 0.735 2.36 2.56    
other data Unit 2012 2013 2014 2015 2016 2017 2018
other data              
Employees 11,502 15,590 19,121 21,000 23,000    
Sight (As % Of Customer Deposits) % 16.3 16.2 16.7 16.6 15.5    

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IndusInd Bank's net interest income rose 18.0% to INR 88.5 bil in 2018

By Helgi Analytics - November 3, 2019

IndusInd Bank generated total banking revenues of INR 143 bil in 2018, up 17% compared to the previous year. Historically, the bank’s revenues containing of interest, fee and other non-interest income reached an all time high of INR 143 bil in 2018 and an all t...

IndusInd Bank's share price (end of period) fell 0.659% to INR 1,770 in 2018

By Helgi Analytics - November 3, 2019

IndusInd Bank stock traded at INR 1,770 per share at the end of 2018 implying a market capitalization of USD 15,371 mil. Since the end of 2013, the stock has appreciated by 258 % implying an annual average growth of 29.0 %. In absolute terms, the value of the company ...

IndusInd Bank's net interest margin fell 5.44% to 3.54% in 2018

By Helgi Analytics - November 3, 2019

IndusInd Bank's net interest margin amounted to 3.54% in 2018, down from 3.75% compared to the previous year. Historically, the bank’s net interest margin reached an all time high of 3.77% in 2016 and an all time low of 3.49% in 2014. The average margin...

IndusInd Bank's customer loan growth rose 1.43% to 28.6% in 2018

By Helgi Analytics - November 3, 2019

IndusInd Bank's customer loan growth reached 28.6% in 2018, up from 28.2% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 28.6% in 2018 and an all time low of 24.3% in 2013. In the last decade, the average ...

IndusInd Bank's total revenues rose 17.0% to INR 122 bil in 2018

By Helgi Analytics - November 3, 2019

IndusInd Bank generated total banking revenues of INR 122 bil in 2017, up 19.6% compared to the previous year. Indian banking sector banking sector generated total revenues of INR 4,320,359 mil in 2017, up 7.41% when compared to the last year. A...

IndusInd Bank's customer deposits rose 28.5% to INR 1,516 bil in 2018

By Helgi Analytics - November 3, 2019

IndusInd Bank's customer deposits reached INR 1,516 bil in 2017, up 19.8% compared to the previous year. Indian banking sector accepted customer deposits of INR 110,303 bil in 2017, up 3.61% when compared to the last year. IndusInd Bank accounted for 1.37...

IndusInd Bank's customer loans rose 28.6% to INR 1,450 bil in 2018

By Helgi Analytics - November 3, 2019

IndusInd Bank's customer loans reached INR 1,450 bil in 2017, up 28.2% compared to the previous year. Indian banking sector provided customer loans of INR 88,362 bil in 2017, up 7.04% when compared to the last year. IndusInd Bank accounted for 1.64% of al...

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Finance

IndusInd Bank has been growing its revenues and asset by 25.0% and 26.1% a year on average in the last 5 years. Its loans and deposits have grown by 27.6% and 26.4% a year during that time and loans to deposits ratio reached 95.7% at the end of 2018. The company achieved an average return on equity of 15.7% in the last five years with net profit growing 18.6% a year on average. In terms of operating efficiency, its cost to income ratio reached 44.7% in 2018, compared to 46.1% average in the last five years.

Equity represented 9.61% of total assets or 14.3% of loans at the end of 2018. IndusInd Bank's non-performing loans were 2.10% of total loans while provisions covered some 43.0% of NPLs at the end of 2018.

Valuation

IndusInd Bank stock traded at INR 1,770 per share at the end of 2018 resulting in a market capitalization of USD 15,371 mil. Over the previous five years, stock price rose by 258% or 29% a year on average. That’s compared to an average ROE of 15.7% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 32.5x and price to book value (PBV) of 4.02x in 2018.