1Q27 – Growth returns; 1% RoA target remains on track

研报英文原文证据摘录

1Q27 – Growth returns; 1% RoA target remains on track

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Indusind Bank

1Q27 – Growth returns; 1% RoA target

remains on track

Reiterate Rating: UNDERPERFORM | PO: 980.00 INR | Price: 1,069 INR

PAT beat; asset quality metrices improved further 22 July 2026

IIB reported 1Q27 PAT of Rs10.4bn (+75% QoQ/72% YoY), driven by stable NIM, Equity

controlled opex and moderation in credit cost (168bps). Loan growth recovered to 3%

QoQ after multiple quarters of rundown, led primarily by wholesale banking (+11% QoQ),

Key Changeswhile retail and SME remained soft. Management indicated that corporate growth

reflects completion of portfolio recalibration and sees ample opportunity to grow. Mgmt (Rs) Previous Current

also guided for loan growth in line with industry in FY27 and further pickup from FY28. Price Obj. 860.00 980.00

Management expects some near-term pressure on NIM before improving loan mix and 2027E EPS 49.71 56.69

lower funding costs begin to aid margins. Asset quality trends remain encouraging with 2028E EPS 80.56 86.59

SMA 1/2 declining to 12bps (vs. 17bps QoQ) and lower MFI stress. Management 2029E EPS 101.18 110.41

reiterated its aspiration of reaching ~1% RoA by 4Q27 (0.8% in 1Q27) through a

combination of stronger PPOP generation and further credit-cost normalization. Madhur Sharma >>

Research Analyst

Reiterate U/P with revised PO of Rs980 – We have revised EPS by 8-15% to reflect BofAS+91 22India6632 8945

improving growth/credit cost expectations, driving out PO to Rs980 (from Rs860). With madhur.sharma2@bofa.com

new leadership team now in place, focus is on execution. But is likely to take few more

qtrs.

Loan growth recovery; opex declined aided PPOP growth Stock Data

(1) Loan growth -.