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Microfin stress haunts IndusInd
December 16, 2024
|Mint Mumbai
IndusInd Bank's shares hit a new 52-week low of ₹965.55 on Friday. The stock has now fallen 38% so far in 2024.
A good part of the share price drop can be attributed to the recent problems being faced in the microfinance industry.
Recall that the bank's September quarter (Q2FY25) financials were hit owing to its exposure to microfinance. IndusInd's slippages in microfinance lending (MFL) jumped almost 18% sequentially in Q2 to ₹398 crore. MFL is generally unsecured and does not require collateral, which makes recovery difficult. With this, gross non-performing assets (GNPAs) as a percentage of microfinance loans rose to 6.5% last quarter, making it the fourth straight quarter of sequential increase. For perspective, the bank's overall GNPAs as a percentage of total loans stood at 2.1%.
Unsurprisingly, the intensity of investor selling picked up following the Q2 results, with the stock tanking 19% in a single day on 25 October.
هذه القصة من طبعة December 16, 2024 من Mint Mumbai.
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