IndusInd Bank to focus more on retail, mass affluent segments

IndusInd Bank to focus more on retail, mass affluent segments

Mumbai: Private sector lender, IndusInd Bank, has identified the high-potential retail, SME and mass affluent segments as key focus areas and plans to scale-up its business in these segments.

The lender has hired 1,200 personnel so far this fiscal and plans to recruit a 200 more before March to man its 30 new branches coming up across the country in the next three months, IndusInd Bank’s head, human resources, Zubin Mody said.

Presently, IndusInd has a total staff strength of around 4,100.

The bank is set to attach a special focus to grow its retail portfolio which, presently, comprises a 40% of the total advances of the lender. The bank has a total advance portfolio of Rs14,000-crore while its total deposits stands at Rs19,000-crore.

The Mumbai-based lender is currently implementing a strategy to expand its current customer base of 1.8 million by attracting more retail clients, that would help the bank to expand its current and savings account (CASA) deposits base.

The retail portfolio of the bank is likely to grow to 50% of total advances in the next 8-10 months. In order to control its cost of funds, IndusInd is also in the process of reducing its dependence on high-cost bulk deposits, its chief financial officer, S V Zaregaonkar, said.

“We are gradually reducing our dependence on expensive bulk deposits and will focus on growing the CASA base. CASA currently contributes 17.5% of our total deposits and is expected to go up to 20% by end March," Zaregaonkar said.