IndusInd Bank Q4 Results Review: Systematix Maintains 'Hold' On Rock Bottom Valuations

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Systematix Report

IndusInd Bank Ltd. reported a loss after tax of Rs -22.36 billion ( vs +14 billion in Q3 FY25, +23 billion in Q4 FY24) impacted by Rs 49 billion one-offs due to accounting discrepancies in the derivatives book, MFI portfolio and a few other income and expense items incorrectly recognized.

The bank reported was a core operating loss of Rs -4.7 billion (vs profit of Rs 36 billion/40 billion in QoQ/YoY). Even excluding the one-offs, Core operating profit of Rs 30 billion declined -17% QoQ, -26% YoY due to lower growth and lower margins due to excess liquidity, higher slippages and lower yields.

IndusInd Bank does not expect any further discrepancies going forward and will start FY26 on a clean slate. The bank is in advanced stages and will shortly submit a list to the RBI of potential CEO candidates likely before the June 30, 2025 deadline.

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