Company overview—
Indusind Bank was incorporated on January and obtained Certificate of Commencement of Business in February 1994. The bank was promoted by IndusInd Enterprises and Finance Ltd. (IEFL) and five Mauritius based companies viz. IndusInd International Holdings Ltd. (IIHL) IndusInd (Mauritius) Holdings Ltd. (IMHL) IndusInd Ltd. (IL) IndusInd Investments Ltd. (IIL) DeFive Mauritius Holdings Ltd. (DFMHL). The bank commenced commercial operation in April. It undertook all kinds of banking business. The bank proposed to set up an investment bank as a subsidiary of the bank for concentrating on various faces of investment banking viz. issue management, corporate advisory service, infrastructure financing, mergers and acquisitions, trading and depository services etc. It also proposed the concept of "investment boutique" at selected branches viz. Ahmedabad, Chennai, Mumbai etc. All operating outlets have direct access to Nostro Accounts through sophisticated computerized system "SWIFT".
Products & Services—
Indusind bank is one of the leading private sector banks having a nationwide presence to cater all the needs of retail as well as corporate customers. It has introduced a number of technologically superior products -- like fast Forex, anywhere banking, Internet banking and depository services--through the electronic delivery channels. Bank has a state-of-the-art dealing room at Nariman Point, Mumbai, catering to several additional positions of dealers and corporate analysts aimed at further enhancing the profitability of its investments. The bank caters to the needs of NRI customers over 40 countries. Bank has successfully launched the “anywhere banking” concept and bank's customers can look at it as 'one Bank'. Bank has Fast Forex facility to wipe out delays in sending and receiving funds to and from foreign centers. Fast Forex is an international remittance product utilizing the 24-hour processing and communication capabilities of SBC Warburg, the bank's USD clearing agent, through their electronic banking system Keylink.
IndusInd Bank Ltd has 24-hour online Net Banking service. This facility serve as an alternate delivery channel that IndusInd Bank offers its customers in addition of branch banking, on-line ATM's and tele-banking. Bank also sells certified pure “Gold coins and Bars” in the 5 gram, 10 gram and 50 gram packs.
IndusInd Bank has tie up with HSBC for issuing global credit card under the MasterCard franchise to its customers. IndusInd Bank Limited has launched its exclusive international remittance system-FAST (Fully Automated Straight Through) Forex. Bank has appointed Tata Consultancy Services for implementation of the asset-liability management (ALM) plan of the bank. Bank has tied up with the cellular company, Orange, for short messaging service facilities for mobile banking in Mumbai. The Bank has signed an agreement with Financial Software and Systems for acquisition of the BASE24-ATM switch.
The Bank has launched its global credit card, to be issued in association with the Hong Kong and Shanghai Banking Corporation Ltd. under the MasterCard franchise. IndusInd Bank has launched an e-broking platform, eTrading, at its Mumbai main branch to facilitate online trading of equity shares.
IndusInd Bank has alliance with Kothari Pioneer Mutual Fund. Bank has entered into a strategic alliance with Sri Lanka-based National Mercantile Bank. IndusInd Bank got RBI permission to set up offices abroad. Bank secures ISO 9001:2000 certifications for all its branches in the 10th year of its operations. IndusInd bank hired KPMG Consulting for assisting the bank to develop an enterprise wide risk management framework to cover risks across all function streams. IndusInd has tie-up with many banks for sharing of ATMs. IndusInd Bank merged Ashok Leyland Finance with it. This merger enhanced its area of operations in the vehicle finance. IndusInd Bank has tied up with LIC of India for Group Insurance Scheme. Bank also introduced Indus Easy Savings Account to its retail customers.
Financials—
IndusInd Bank has reported a rise of 4.53 times in the net profit for the quarter ended June 2009. During the quarter, the profit of the bank was at Rs 8,650 lakhs as against Rs 1,910 lakhs for the quarter ending on Jun.30, 2008. In the same period, interest earned was reported at Rs 62,883 lakhs, a rise of 19.06% over the prior year period. Meanwhile, interest expended was at Rs 46,146 lakhs, a rise of 8.48% over the prior year period.
Valuation—
IndusInd Bank is increasing its presence in the retail business rapidly. At current market price, Stock is trading at attractive valuation of 8.96 P/E multiple of its FY2011 Estimated EPS. We recommend investors to BUY “IndusInd Bank Limited” with medium to long-term investment prospective.
Source: Internet (Valuenotes by Abhishek Jain)
Indusind Bank was incorporated on January and obtained Certificate of Commencement of Business in February 1994. The bank was promoted by IndusInd Enterprises and Finance Ltd. (IEFL) and five Mauritius based companies viz. IndusInd International Holdings Ltd. (IIHL) IndusInd (Mauritius) Holdings Ltd. (IMHL) IndusInd Ltd. (IL) IndusInd Investments Ltd. (IIL) DeFive Mauritius Holdings Ltd. (DFMHL). The bank commenced commercial operation in April. It undertook all kinds of banking business. The bank proposed to set up an investment bank as a subsidiary of the bank for concentrating on various faces of investment banking viz. issue management, corporate advisory service, infrastructure financing, mergers and acquisitions, trading and depository services etc. It also proposed the concept of "investment boutique" at selected branches viz. Ahmedabad, Chennai, Mumbai etc. All operating outlets have direct access to Nostro Accounts through sophisticated computerized system "SWIFT".
Products & Services—
Indusind bank is one of the leading private sector banks having a nationwide presence to cater all the needs of retail as well as corporate customers. It has introduced a number of technologically superior products -- like fast Forex, anywhere banking, Internet banking and depository services--through the electronic delivery channels. Bank has a state-of-the-art dealing room at Nariman Point, Mumbai, catering to several additional positions of dealers and corporate analysts aimed at further enhancing the profitability of its investments. The bank caters to the needs of NRI customers over 40 countries. Bank has successfully launched the “anywhere banking” concept and bank's customers can look at it as 'one Bank'. Bank has Fast Forex facility to wipe out delays in sending and receiving funds to and from foreign centers. Fast Forex is an international remittance product utilizing the 24-hour processing and communication capabilities of SBC Warburg, the bank's USD clearing agent, through their electronic banking system Keylink.
IndusInd Bank Ltd has 24-hour online Net Banking service. This facility serve as an alternate delivery channel that IndusInd Bank offers its customers in addition of branch banking, on-line ATM's and tele-banking. Bank also sells certified pure “Gold coins and Bars” in the 5 gram, 10 gram and 50 gram packs.
IndusInd Bank has tie up with HSBC for issuing global credit card under the MasterCard franchise to its customers. IndusInd Bank Limited has launched its exclusive international remittance system-FAST (Fully Automated Straight Through) Forex. Bank has appointed Tata Consultancy Services for implementation of the asset-liability management (ALM) plan of the bank. Bank has tied up with the cellular company, Orange, for short messaging service facilities for mobile banking in Mumbai. The Bank has signed an agreement with Financial Software and Systems for acquisition of the BASE24-ATM switch.
The Bank has launched its global credit card, to be issued in association with the Hong Kong and Shanghai Banking Corporation Ltd. under the MasterCard franchise. IndusInd Bank has launched an e-broking platform, eTrading, at its Mumbai main branch to facilitate online trading of equity shares.
IndusInd Bank has alliance with Kothari Pioneer Mutual Fund. Bank has entered into a strategic alliance with Sri Lanka-based National Mercantile Bank. IndusInd Bank got RBI permission to set up offices abroad. Bank secures ISO 9001:2000 certifications for all its branches in the 10th year of its operations. IndusInd bank hired KPMG Consulting for assisting the bank to develop an enterprise wide risk management framework to cover risks across all function streams. IndusInd has tie-up with many banks for sharing of ATMs. IndusInd Bank merged Ashok Leyland Finance with it. This merger enhanced its area of operations in the vehicle finance. IndusInd Bank has tied up with LIC of India for Group Insurance Scheme. Bank also introduced Indus Easy Savings Account to its retail customers.
Financials—
IndusInd Bank has reported a rise of 4.53 times in the net profit for the quarter ended June 2009. During the quarter, the profit of the bank was at Rs 8,650 lakhs as against Rs 1,910 lakhs for the quarter ending on Jun.30, 2008. In the same period, interest earned was reported at Rs 62,883 lakhs, a rise of 19.06% over the prior year period. Meanwhile, interest expended was at Rs 46,146 lakhs, a rise of 8.48% over the prior year period.
Valuation—
IndusInd Bank is increasing its presence in the retail business rapidly. At current market price, Stock is trading at attractive valuation of 8.96 P/E multiple of its FY2011 Estimated EPS. We recommend investors to BUY “IndusInd Bank Limited” with medium to long-term investment prospective.
Source: Internet (Valuenotes by Abhishek Jain)
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