Driven by strong growth and stable NIM, IndusInd Bank (IIB) reported steady Q2FY24 PAT at INR 21.8bn with RoA at 1.9%. Despite a better top-line (1.5% beat) and in-line provisions, PAT was ~5% lower than our estimates due to higher opex. Retail slippages continued their improving trajectory, though rise in corporate slippages led by an isolated exposure (INR 1.68bn) disappointed.