IndusInd Bank’s March quarter results had enough to worry investors even as its management sought to assuage concerns in a conference call.
First the good news. New chief Sumant Kathpalia said that the bank is seeing renewed interest from corporate deposits and state governments too have not pulled out baring the initial outflow.
Retail deposits have continued to strengthen. Recall that IndusInd Bank came under fire after the collapse of its peer Yes Bank shook the faith of depositors in private sector banks. “We will see strong deposit growth for this year too," Kathpalia said.
Growth for FY20 was down to 4% because of the big outflow during the March quarter. The bank believes its asset quality will stand the covid-19 impact because its