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IndusInd Bank's Q3 FY25 results reflect a cautious quarter with stable profitability (PAT ₹1,402 crore, up 5% QoQ) but elevated stress in microfinance. NIM compressed to 3.93% from 4.08% QoQ due to MFI book rundown and EBLR repricing. Retail deposit growth remained robust at 14% YoY, while overall deposits declined 1% QoQ as the bank shed non-LCR accretive wholesale deposits. Asset quality saw gross slippages of ₹2,200 crore, with MFI contributing ₹695 crore. Management noted early signs of stability in MFI forward flows but remains cautious, targeting 30-90 dpd to fall to 1-1.2% before accelerating growth. Vehicle finance disbursements rebounded 25% QoQ to ₹13,388 crore. Key risk: further deterioration in MFI asset quality if regulatory changes or state-level disruptions impact collections.
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Guidance to track
- Management aims to reduce MFI exposure to 8-10% from current ~12% as part of diversification strategy.
- Bank guided to maintain LCR ratio between 48-52% and loan-to-deposit ratio of 88-90% as it granularizes liabilities.
- Vehicle finance disbursements expected to remain similar to Q3 levels at around ₹13,500 crore in Q4 FY25.
Risks flagged
- Analyst raised concern that MFI stress may persist beyond Q4; management acknowledged elevated 30-90 dpd but expects improvement from Q1.
- New state-level regulations in Karnataka could further pressure collections; management noted 1% drop in collection efficiency there.
- Management guided that tractor slippages may remain elevated for 3-4 months due to legacy underwriting, though compensated by higher yields.
Key quotes
- We want to press the accelerator when 30-90 becomes within a range amount of 1%-1.2%. That's our objective.
- I think the incremental stress in microfinance seems to be peaking out, as seen in the reducing forward flows from zero DPD customers.
- We have already got put in our system that any new customer, we will not have BFIL Plus Two, and for an existing customer, maximum we'll allow one more lender.
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