Elevated unsecured retail slippages
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.
INDUSINDBK / Q2-FY24 / risks
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IndusInd Bank · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Deposit growth lagging credit growth
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.
Corporate slippage volatility
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.
Global diamond demand weakness
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.