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Motilal Oswal Report
IndusInd Bank Ltd. released its quarterly update, highlighting key business numbers for Q3 FY23. Following are the key takeaways:
Net advances improved, growing 19.0% YoY to ~Rs 2.7 trillion. Loan growth continues to remain healthy and grew at 4.6% QoQ (versus up 4.9% QoQ in Q2 FY23). The credit-deposit ratio for the bank improved further to 83.6% (up 120 basis points QoQ).
Deposit growth came in healthy at 3.0% QoQ (up 14.3% YoY to ~Rs 3.25 trillion). Within deposits, current account, savings account/term deposits grew 2.1%/3.7% QoQ (up 13.7%/14.7% YoY). The CASA mix, thus declined 40 bps QoQ to 42%.
Growth in retail/small business deposits remains robust, growing 6.1% QoQ to Rs 1,380 billion. IndusInd Bank's management is making consistent progress on shoring up its retail deposit mix. Currently, the retail/small business deposits segment forms 42.4% of the total deposits.
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