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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹7,359 Cr
verified against source
Revenue YoY
17%
reported change
EBITDA
Pending
latest reported figure
Source
screener in partial
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
IndusInd Bank delivered a solid Q2 FY24 with PAT of ₹2,202 crore (+22% YoY) and NIM steady at 4.29%. Loan growth was robust at 21% YoY, led by retail (25% YoY), while retail deposits grew 21% YoY, improving the LCR deposit share to 43.7%. Credit cost improved to 123 bps (from 132 bps QoQ), within the guided 110-130 bps range. Management reiterated full-year credit cost guidance and expects retail slippages to decline further in H2, aided by seasonal strength in vehicle and microfinance. The bank is investing in digital (INDIE app) and marketing (ICC partnership) to drive liability granularity. Key risk: unsecured retail slippages (credit cards, MFI) remain elevated, with credit card credit cost rising ~60 bps above expectations.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects full-year credit cost to be between 110-130 bps, with H2 likely at the lower end due to seasonal improvement in retail asset quality.
- Net interest margin is expected to stay within 4.2-4.3%, supported by balance sheet optimization and lower borrowing costs.
- The bank aims to increase retail deposit share (LCR) to 45-50% over the medium term, supported by digital and marketing initiatives.
- Management expects cost-to-income ratio to decline from current elevated levels to 41-43% as digital investments yield operating leverage.
Risks flagged
- Credit card slippages were higher than expected, with credit cost rising ~60 bps above the guided 2.8-2.9% to ~3.3-3.5%. MFI and merchant acquiring also show higher-than-average credit costs.
- Deposit growth (14% YoY) continues to trail loan growth (21% YoY), leading to a rising CD ratio. Management expects improvement but competitive intensity remains high.
- A single corporate account (INR 169 crore) slipped into NPA, causing a spike in corporate slippages. While management considers it idiosyncratic, corporate asset quality remains a source of quarterly volatility.
- The diamond and jewelry portfolio declined 10% QoQ due to weak global demand. Asset quality remains pristine, but continued weakness could pressure growth and yields.
Key quotes
- Our net interest margins remain steady at 4.29%. We continue to believe that the bank has enough levers to absorb any increase in cost of deposits within an ambition of 4.2%-4.3% net interest margin.
- We launched our digital banking offer, INDIE, during the quarter. The offering was well received by the customers, and we already have over 1.8 million downloads and 400,000 customers.
- Our credit cost has reduced to 123 basis points from 132 basis points quarter-on-quarter. We aim to close the year between 110-130 basis points.
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