Company Update : IndusInd Bank by Motilal Oswal Financial Services Ltd
Business declines and misses estimates; CASA ratio dips
IndusInd Bank (IIB) released its quarterly update, highlighting the key business numbers for 2QFY26. The following are the key takeaways:
* IIB reported a 2% QoQ drop in net advances (down 8% YoY) to INR3.27t. Our net advances growth estimate was 3.4% QoQ (down 3.4% YoY).
* Deposits also decreased 2% QoQ (down 5% YoY), and the CASA ratio declined to 30.8% from 31.5% as of 1QFY26. Our deposit growth estimate was 3.5% QoQ (down 0.3% YoY).
* Retail deposits and deposits from small business customers amounted to INR1.84t vs. INR1.85t as of 1QFY26.
* The CD ratio for the bank was stable at 84% in 2QFY26 (84% in 1QFY26).
* IIB’s overall business performance remained weak. Both advances and deposits declined 2% QoQ each, keeping the CD ratio broadly stable.
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