According to a Business Standard report, the Hinduja’s Mauritius-based promoter entity had received the Reserve Bank of India’s (RBI) approval to raise the stake. CLICK HERE FOR FULL REPORT
In November 2021, the RBI had allowed promoters to own as much as 26 per cent in a bank.
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IndusInd Bank had posted a 19 per cent year-on-year (YoY) increase in net advances at Rs 2.7 trillion by the end of December 31, 2022 (Q3FY23). Net deposits grew 14 per cent YoY to Rs 3.25 trillion. The bank’s loan growth continues to remain healthy as it grew 4.6 per cent QoQ (v/s up 4.9 per cent QoQ in Q2FY23). The CD ratio for the bank also improved further to 83.6 per cent (up 120bp QoQ).
Analysts at Prabhudas Lilladher said they like IndusInd Bank, although approval of MD & CEO's term by the RBI and RTD accretion remain key monitorables.
"IndusInd Bank reported its highest-ever quarterly earnings, largely on account of steady loan growth (+19 per cent YoY), stable margins, sustained traction in fee income and lower credit costs (1.7 per cent annualised). Gross slippages at 2.3 per cent witnessed some deterioration in the CV/CE portfolio and partial fallout from the restructured book, ex of which the back-book appears to be incrementally stabilizing," analysts at HDFC Securities said in a result update.
Given its historically sub-par/non-sticky deposit profile, the brokerage believes IndusInd Bank would continue to face challenges in a deposit-constrained environment, given the narrowing wedge with loan growth.
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