IndusInd Bank Q1FY24 performance healthy; margins steady and business growth robust
News:
IndusInd Bank reported healthy performance in Q1FY24 with earnings growth at Rs 2224 crore, backed by 22% YoY growth in advances and steady margins. NIMs expanded 1 bps QoQ, despite rise in cost of funds, led by an increase in yields driven by accretion in MFI book. Other income grew 15%, while opex rose 18%. Credit cost declined 21% YoY and 4% QoQ. GNPA remained steady at 1.98%, led by steady slippages.
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Our view:
Focus on improving distribution capabilities and scale up new segment to aid higher than industry growth. Retail focussed approach, steady CD ratio at 86-89% and liabilities accretion to aid margin trajectory. Contingent buffer to keep credit cost at 1.1-1.3% and thus RoA at 1.8-1.9%.
Impact: Positive
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