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IndusInd Bank Q3 Results Review - Robust Credit Growth; Net Interest Margins Improved: IDBI Capital

IndusInd Bank Ltd.’s credit growth improved to 19% YoY versus 18% YoY (Q2 FY23) led by growth across the segments.

<div class="paragraphs"><p>IndusInd Bank hoading seen at its Peddar Road Branch in Mumbai, India.&nbsp;(Source: BQ Prime)</p></div>
IndusInd Bank hoading seen at its Peddar Road Branch in Mumbai, India. (Source: BQ Prime)

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IDBI Capital Report

IndusInd Bank Ltd.’s credit growth improved to 19% YoY versus 18% YoY (Q2 FY23) led by growth across the segments. Management guided for credit growth of 20-25%. Micro finance institution portfolio which was key concern area reported improvement in credit growth (up 8% YoY) however asset quality deteriorated (gross non-performing asset 3.75% versus 2.9% QoQ).

Deposit growth stood at 14% YoY versus 15% YoY (Q2 FY23). Asset quality remains stable as GNPA stood at 2.06% versus 2.11% QoQ led by lower slippages.

Restructured book declined to 1.25% versus 1.5% QoQ. Net interest income grew by 18.5% YoY (up 4.5% QoQ); net interest margins improved by 17 basis points YoY. Profit after tax grew by 69% YoY due to decline in provisions (down 36% YoY).

IndusInd Bank maintains overall provision of Rs 21.9 billion as standard contingent provisions.

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IDBI Capital IndusInd Bank Q3FY23 Results Review.pdf
Opinion
IndusInd Bank Q3 Results: Net Profit Jumps 58%, NII Rises 18.5%

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