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What the record says.
IndusInd Bank reported a full-year PAT of INR 2,575 crore despite a Q4 loss due to massive one-offs. The bank recognized INR 1,885 crore in microfinance misclassification and INR 1,960 crore derivative accounting reversal. Adjusted Q4 NIM was 3.47% and PPOP was INR 3,062 crore. Management claims a clean slate for FY26, with CRAR at 16.24% and LCR at 139% in early Q1. However, microfinance stress remains elevated, with slippages of INR 3,509 crore and normalcy expected only in H2. The CEO search is advanced, but governance lapses and potential further fraud risks linger.
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Guidance to track
- Slippages will step down from Q4 levels but remain elevated in H1; normalcy expected in second half.
- After tactical reduction in Q4 for liquidity, corporate loan growth should reflect in coming quarters.
- Board at advanced stage; proposal to be submitted to RBI ahead of deadline.
- Bank will scale home loans, MSME, and affluent banking while being cautious on microfinance.
Risks flagged
- Board suspects fraud and investigations are ongoing; additional issues may emerge.
- Slippages remain elevated; normalcy only expected in H2 FY26, subject to elections and monsoon.
- Post-March disclosure, deposits saw temporary blip; though stabilized, trust rebuilding is ongoing.
- CEO and Deputy CEO resigned; interim committee oversees operations until new CEO is appointed.
Key quotes
- The board suspects the occurrence of fraud against the bank and the involvement therein of certain employees having a significant role in the accounting and financial reporting of the bank.
- We are starting financial year 2025-2026 on a clean and strong footing. The balance sheet continues to be robust with healthy capital adequacy, provision coverage, and liquidity levels.
- The microfinance side, we have taken additional slippage this quarter... normalcy is maybe six months away.
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