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Revenue
₹7,849 Cr
verification pending
Revenue YoY
11%
reported change
EBITDA
Pending
latest reported figure
Source
manual review required
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
IndusInd Bank reported a subdued Q1 FY25 with revenue of INR 7,849 crore (+11% YoY) and NIM stable at 4.25%. Loan growth was 15% YoY, below the guided 18-23% range, due to election disruptions and heat waves impacting vehicle and microfinance disbursements. Deposit growth accelerated to 15% YoY, with retail deposits up 16%. Asset quality remained stable with GNPA at 2.02% and net slippages improving to 0.45%. Management reiterated full-year loan growth guidance of 18-22% and credit cost of 110-130 bps. Key risks include rising stress in the credit card portfolio and potential impact from RBI's draft LCR guidelines. The bank's focus on retail deposits and cautious disbursements positions it for recovery in H2.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects loan growth to recover in H2, driven by vehicle finance and microfinance, targeting 18-22% for FY25.
- Credit cost guidance maintained at 110-130 bps for FY25, with Q1 at 121 bps without using contingent provisions.
- Net interest margin expected to stay within the 4.2-4.3% band, supported by stable yields and controlled deposit costs.
- Preliminary assessment suggests the RBI draft LCR guidelines could impact the bank by 4-5%.
Risks flagged
- Management acknowledged stress building in cards, with 30+ dpd at 7%, expecting elevated flows for the next two quarters.
- Analysts questioned rising NPAs in microfinance; management attributed it to lower disbursements and seasonal factors, but slippages remain elevated.
- New draft guidelines could increase liquidity requirements, with an estimated 4-5% impact on the bank, potentially affecting margins.
- RBI's penal interest circular will reduce fee income by INR 30-40 crore per quarter, partially offset by yield adjustments.
Key quotes
- We should see growth coming back and I think we should be in the range of 18%-23% for the full year.
- I think you will see some stress in the car business for next two quarters. Let me be candid.
- The processes of Bharat Financial are so strong they're able to see early trends and exit those businesses and territories.
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