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What the record says.
IndusInd Bank reported Q4 FY24 PAT of INR 2,349 crore, up 15% YoY, with NIM stable at 4.26% and ROA at 1.90%. Loan growth was 18% YoY, driven by retail (23% YoY), while deposits grew 18% YoY (retail LCR). Asset quality improved with gross slippages down to 0.44% and credit cost at 111 bps. Management reiterated PC6 growth guidance of 18-22% loan growth, emphasizing diversification and retail deposit mobilization. Key risks include elevated cost-to-income due to investments in branches and technology, and potential margin pressure from deposit repricing. The bank maintains strong capital (CET1 15.82%) and contingent provisions of INR 1,000 crore.
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Guidance to track
- Management reaffirmed PC6 loan growth target of 18-22%, supported by diversified portfolio and refinance options.
- Expects vehicle finance to grow 18-20% driven by diversification across product categories and expected recovery in tractors.
- Net interest margin expected to remain in the 4.2-4.3% range, with potential upside when interest rate cycle turns.
- Return on assets expected to remain in the 1.8-2.2% range, with improvement as operating leverage plays out.
Risks flagged
- Management acknowledged higher cost-to-income due to branch expansion, technology investments, and rising people costs; expects improvement over few quarters.
- Analyst raised concern about elevated consumer slippages; management noted credit card slippages are stabilizing but resolution rates are low, expecting decline in two quarters.
- Cost of deposits may continue to rise due to shift from savings to term deposits and regulatory changes impacting current account floats.
- Analyst raised geopolitical tensions; management acknowledged potential impact on inflation and oil prices, but expressed confidence in maintaining portfolio quality.
Key quotes
- We continue to believe that the bank should grow at 18% to 22% because we operate in those segments otherwise we lose market share and we play in businesses where we have a right to win.
- Deposits is not the issue. Please understand. Liquidity is not the issue anymore. It is about the cost of deposits.
- We continue to believe these small-ticket loans should never be restructured. We should rather take them as losses and move forward.
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