This space is keenly watched in the capital markets too, as from here will emerge the next largecap banks with multi-trillion rupee market caps, in the intermediate to long term.
IndusInd Bank has always been a front-runner in this space, and its Q2 proves that it really wants to be the first among equals, when it comes to growth and the eventual entry into the largecap banking space.
Under the leadership of its MD & CEO Sumant Kathpalia, a veteran banker with over three decades of experience in Citibank, Bank of America & ABN Amro as well as in IndusInd Bank itself, the bank delivered a 57% year-on-year growth in net profit and expansion in Net Interest Margin to 4.24%.
In tune with the new war in the midcap banking space for attracting deposits, IndusInd Bank has ramped up deposit mobilization and performed well in term deposit growth.
At the same time, the bank continued on its credit growth trajectory, better than some of its peers, and ended the quarter with a healthy CDR of 82%. The bank has also made adequate provisioning against potential stressors in the near future.
IndusInd Bank also enjoys leadership continuity as Sumant Kathpalia, who was appointed first to the corner office on March 2020, will continue at the helm for three more years starting from March 2023.