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Fitch affirms IndusInd Bank
Fitch Ratings said it assigned a national long-term debt rating of A+(ind) to IndusInd Bank's Rs. 1.5 billion subordinated debt program.
Fitch affirmed the bank's existing ratings, including the F1+(ind) Rs. 2.5 billion certificate of deposit program, the A+(ind) Rs. 4.075 billion subordinated debt, D individual rating and 5 support rating.
The outlook is positive.
The Indian bank's ratings reflect its improved financial profile following the merger with Ashok Leyland Finance Ltd. and substantial write-off of its legacy non-performing loans, the agency said. IndusInd's net interest margin increased by nearly one percentage point after the merger, largely due to the addition of high-yielding consumer loans.
However, the net interest margin has recently come under pressure due to increased deposit costs due to rising interest rates, the agency said.
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