IndusInd Bank - Planning Cycle-Five, Digital 2.0 Strategy In Focus: ICICI Securities
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ICICI Securities Report
IndusInd Bank Ltd. is geared up for execution of its planning cycle-five strategy to build scale in its domains of expertise, invest in new growth engines, fortify liabilities and leapfrog into digital banking.
Concurrently, there will be continued focus on prudent provisioning, ramping-up of a granular deposit base, risk-calibrated growth, and driving core fee income.
With collection efficiency improving month-on-month, slippages should reduce from Q1 FY22 levels though it might take a couple of quarters to normalise to pre-Covid-19 levels.
Restructuring pipeline and incremental requests may pull one time restructuring pool towards ~4%.
Despite the government’s telecom relief package, IndusInd Bank is likely to create contingent provisioning for fund based exposure to the sector and we revise our credit cost estimate to 2.3% (earlier 1.9%).
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