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What the record says.
IndusInd Bank reported a net loss of INR 437 crore in Q2 FY26, driven by accelerated provisions and write-offs in the microfinance portfolio (INR 1,579 crore written off). Core pre-provision operating profit remained stable at INR 1,940 crore QoQ, but NIM contracted to 3.32% due to lower microfinance disbursements and corporate loan repricing. Management is focused on stabilizing the platform, filling senior leadership gaps, and diversifying into MSME and retail assets (home loans, LAP). Near-term growth will be cautious, with vehicle finance expected to recover on festive demand. Key risk: microfinance slippages remain elevated (31-90 DPD at 3.2% vs 2.2% QoQ), and further credit costs may persist.
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Guidance to track
- Management aims to achieve 1% ROA over the medium term through cost reduction, liability franchise improvement, and portfolio diversification.
- Management targets net NPA ratio in the vicinity of 50-60 bps in the medium term, down from current 1.04%.
- Management expects fee to assets to settle around 1.5% over time, driven by franchise fees.
- Disbursements in microfinance are expected to be significantly higher in Q3 and Q4 as underwriting standards stabilize.
Risks flagged
- Microfinance 31-90 DPD increased to 3.2% from 2.2% QoQ, and management acknowledged it's early to conclude stabilization.
- Despite accelerated provisions, net NPA remains high at 1.04%; analyst questioned if more write-offs are needed, management did not rule out.
- Analyst raised concerns about US tariff impact on G&J; management confirmed no SMA1/2 but acknowledged industry pressure.
- Multiple senior positions still vacant; management admitted gaps on business side, which could delay strategy execution.
Key quotes
- I'm not in a great hurry to push the growth lever because I think it's important for us to first stabilize the platform before we are able to do that.
- The core PPOP is actually stable on a QoQ basis. NIMs are broadly stable. The book is broadly stable. That should give confidence.
- I think the first medium-term objective is to get to a 1% ROA, and I think that is what the aim will be.
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