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IndusInd Bank Limited (INDUSINDBK.NS)

792.70

+4.45

+(0.56%)

At close: April 17 at 3:30:00 PM GMT+5:30

India's IndusInd Bank names Santosh Kumar deputy CFO

Kumar will head the finance and accounts functions till IndusInd appoints a full-time CFO, the lender said, after deputy CEO Arun Khurana's term as finance chief ended. IndusInd reported an accounting discrepancy last month in the way it booked currency derivatives stretching back at least six years.

Reuters 3 days ago

INDUSINDBK.NS
+0.56%
India's IndusInd Bank rises on smaller-than-expected hit from accounting lapse

IndusInd Bank's shares rose as much as 4.2% on Wednesday, a day after the private lender said it would take a smaller-than-expected hit to its net worth after an external review of previously reported accounting discrepancies. IndusInd was the top gainer on India's benchmark Nifty 50 index, which was muted, and the banking index, which rose 0.6%. The bank, after market close on Tuesday, said it estimates a 2.27% hit to its net worth as of December-end against its previous assessment of a 2.35% impact.

Reuters 4 days ago

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IndusInd Bank flags 2.27% net worth hit from accounting lapse post external probe

It had also appointed an external agency to independently review and validate the internal findings. In its report, the external agency has quantified the discrepancies at 19.79 billion rupees ($230.92 million) as of June 30. Based on this, the bank reassessed its earlier estimated hit of 2.35% as of December-end on a post-tax basis, IndusInd said in a stock exchange filing.

Reuters 5 days ago

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India's IndusInd Bank posts flat quarterly deposit growth amid accounting lapse

The discrepancy at the country's fifth-largest private sector bank resulted in a $175 million hole in its balance sheet, raised concerns over governance and led it to appoint Grant Thornton to conduct a forensic review. Its liquidity coverage ratio, or the portion of highly liquid assets held to ensure ability to meet their short-term obligations, stood at 118.4% for the fourth quarter. IndusInd has also been grappling with elevated bad loans in the microfinance segment, leading to a drop in profit in the last two quarters.

Reuters 16 days ago

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How Indian bank IndusInd's push for profits and lax controls drove it to a crisis

IndusInd Bank ignored established Indian derivative accounting practices for years as it chased profit growth, resulting in a $175 million balance-sheet hole and the biggest crisis for the lender in its three-decade history, multiple sources said. IndusInd disclosed in March accounting discrepancies in its derivatives portfolio whose impact roughly equated to an entire quarter's profits and sparked the loss of about one-fourth of its market value. In the aftermath, the country's central bank, the Reserve Bank of India (RBI), has asked the CEO of the bank and his deputy to step down as soon as replacements are found and approved by it, Reuters reported last month, citing sources.

Reuters 16 days ago

INDUSINDBK.NS
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India's markets regulator probes insider trading at IndusInd Bank, ET reports

The Securities and Exchange Board of India (SEBI) has sought information about trades executed by five senior officials while they were in possession of unpublished price-sensitive information of IndusInd, the newspaper said, citing two people close to the development. SEBI is also examining whether IndusInd violated its disclosure norms, the report said. Reuters reported earlier this week that IndusInd had appointed Grant Thornton to conduct the review.

Reuters 24 days ago

INDUSINDBK.NS
+0.56%
IndusInd Bank, stung by accounting lapses, raised $2 billion via market deposits in March

The country's fifth-largest private sector bank flagged earlier in the month a $175 million hole in its balance sheet, citing accounting discrepancies in its derivatives portfolio. The discrepancies have led to concerns over governance at the bank and the appointment of Grant Thornton to conduct a forensic review into the accounting lapses. Publicly available data from India's clearing house showed that IndusInd Bank raised 165.50 billion rupees ($1.93 billion) in March through the sale of certificates of deposits (CDs) maturing in three months to one year, with about 85% of that raised after the lapses were disclosed.

Reuters 25 days ago

INDUSINDBK.NS
+0.56%
India's IndusInd taps Grant Thornton for fraud checks in accounting case, sources say

NEW DELHI/MUMBAI (Reuters) -India's IndusInd Bank has appointed Grant Thornton to conduct a forensic review into accounting lapses detected this month and to check if there is any evidence of fraud or internal misstatements, said two people with direct knowledge of the matter. IndusInd is India's fifth-largest private lender with a balance sheet of $63 billion. The accounting discrepancy contravened Reserve Bank of India rules, though the central bank has said IndusInd is well-capitalised.

Reuters 28 days ago

INDUSINDBK.NS
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India's IndusInd Bank chiefs urged to step down, sources say; bank denies report

MUMBAI (Reuters) -The Reserve Bank of India has urged the CEO of IndusInd Bank and his deputy to step down after significant accounting lapses as soon as replacements are found and the central bank has approved them, according to four sources familiar with the conversations. IndusInd Bank strongly denied the claims, however, stating they are "factually incorrect." IndusInd is India's fifth largest private lender, with a 5.4 trillion rupee ($63 billion) balance sheet.

Reuters 30 days ago

INDUSINDBK.NS
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IndusInd Bank appoints independent firm to probe accounting discrepancies

The Mumbai-based lender reported earlier this month that it had discovered an accounting discrepancy in the way it booked currency derivatives, stretching back at least six years, with an estimated impact of $175 million. The independent firm, which the bank did not name, will identify the root cause of the discrepancies, assess the correctness of the accounting treatment of the derivative contracts with regard to current accounting standards, and identify lapses, IndusInd said in an exchange filing. Shares of IndusInd Bank were down about 30% this month, hit by worries over the issue and after the central bank approved a shorter-than-requested term extension for CEO Sumant Kathpalia, who has been with IndusInd Bank for 17 years.

Reuters last month

INDUSINDBK.NS
+0.56%
IndusInd International to list insurance units of Reliance Capital in 2-3 years

IndusInd International Holdings (IIHL) on Tuesday said it will list the insurance units of Reliance Capital in two to three years, after it completed the transaction to buy the financial services firm. IndusInd International's bid to acquire debt-ridden Reliance Capital for around 96 billion rupees was approved by a bankruptcy tribunal in February last year. IIHL Chairman Ashok Hinduja said the company will exit Reliance Capital's units other than broking and asset reconstruction.

Reuters last month

INDUSINDBK.NS
+0.56%
India's IndusInd Bank raises bulk funding via CDs at slightly higher rates

India's IndusInd Bank raised 110 billion rupees ($1.27 billion) via short-term notes, but at slightly higher rates, in its first fundraising since reporting an accounting discrepancy last week, three merchant bankers said on Tuesday. The private lender, on Monday, sold certificates of deposits (CDs) maturing in three months to one year, with clearing house data showing the total amount equaled around 50% of the bank's outstanding CDs. IndusInd sold three-month CDs at 7.80% to raise 15 billion rupees, while selling five-month to one-year paper at a yield of 7.90%.

Reuters last month

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India’s IndusInd Bank raises Rs110bn through certificates of deposit

This move comes as the bank seeks to strengthen its funding position following the revelation of a Rs20bn accounting discrepancy in its derivatives book.

Retail Banker International last month

INDUSINDBK.NS
+0.56%
Moody's places IndusInd Bank's credit assessment on review for downgrade

"The impact of the derivatives transactions, coupled withthe ongoing stress in the retail unsecured loans, is likely to hurt the bank's profitability, capital and funding, potentially leading to a downgrade of the BCA," Moody's said. The Mumbai-based lender earlier this month reported it had discovered an accounting discrepancy in the way it booked currency derivatives stretching back at least six years, with an estimated impact of $175 million. "Beyond the accounting issue, IndusInd's potential leadership changes also remains a monitorable," Moody's added.

Reuters last month

INDUSINDBK.NS
+0.56%
Indian central bank says IndusInd Bank's financial health remains stable

India's central bank said on Saturday that private lender IndusInd Bank is well-capitalised and the financial position of the bank remains satisfactory. Earlier this month, IndusInd Bank reported it had discovered an accounting discrepancy in the way it booked currency derivatives stretching back at least six years. The bank backed by the Hinduja Group has had a turbulent few months.

Reuters last month

INDUSINDBK.NS
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India central bank probing banks' derivatives books amid IndusInd fallout, sources say

India's central bank is examining derivatives exposures of some private and state-run banks days after IndusInd Bank disclosed lapses in its derivatives accounting, three sources said on Wednesday. The Reserve Bank of India has asked lenders for details of their overseas borrowings and deposits as well as their forex hedge positions, the sources said. On Monday, private lender IndusInd Bank flagged a 2.35% hit to its net worth due to an underestimation of hedging costs related to forex transactions.

Reuters last month

INDUSINDBK.NS
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IndusInd Bank's shares slide; CEO says quarterly profit on track despite accounting gaps

(Reuters) -Indian private lender IndusInd Bank will report a profit for the fourth quarter and the full financial year 2025, its CEO told CNBC-TV18 on Tuesday, after discrepancies in its derivatives accounts sent its shares tumbling. "I think we have provisions, which we have created over a period of time, and I think our businesses are doing well," Sumant Kathpalia told the local business news channel. Until the Reserve Bank of India's new investment norms kicked in from April 1, 2024, banks' asset liability management (ALM) and treasury desks could do internal swaps, where typically one cash flow is exchanged for another.

Reuters last month

INDUSINDBK.NS
+0.56%
IndusInd Bank says its net worth to take 2.35% hit on discrepancies in derivative accounts

MUMBAI (Reuters) -Indian private lender IndusInd Bank said on Monday it expects a 2.35% decline in its net worth as of December 2024 due to discrepancies in its derivative accounts found during an internal review. The Mumbai-based lender said the net worth impact emerged from internal derivative trades, which were not in compliance with rules enforced by the Reserve Bank of India from April 2024. The discrepancies are not linked to client accounts, deputy CEO Arun Khurana said on a conference call, without disclosing details on the nature of the inconsistencies.

Reuters last month

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Nippon Life eyes minority stake in India’s IndusInd Bank

Reliance Nippon Life Insurance could reportedly aim for up to a 9.9% share in the Mumbai-based bank.

Retail Banker International last month

INDUSINDBK.NS
+0.56%
India's IndusInd Bank drops as CEO's shorter tenure extension sparks uncertainty

IndusInd Bank said on Friday it received approval from the Reserve Bank of India to reappoint Sumant Kathpalia as its CEO for a one year, shorter than the board-approved and the central bank's typical three-year extension. "Although the RBI has not provided any explanation for only a one-year extension, we believe it is not satisfied with progress on the conditions set by it during the earlier term extension, amid other concerns including mismanagement of the microfinance (MFI) portfolio leading to higher NPAs (non-performing assets)," Emkay Research said in a note. IndusInd, like many other Indian banks, is dealing with increased stress from its microfinance segment, and its gross NPA ratio is deteriorating.

Reuters last month

INDUSINDBK.NS
+0.56%

Performance Overview

Return	INDUSINDBK.NS	S&P BSE SENSEX (^BSESN)
YTD	-17.44%	+0.53%
1-Year	-46.24%	+7.69%
3-Year	-16.94%	+34.65%

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IndusInd Bank Limited (INDUSINDBK.NS)

India's IndusInd Bank names Santosh Kumar deputy CFO

India's IndusInd Bank rises on smaller-than-expected hit from accounting lapse

IndusInd Bank flags 2.27% net worth hit from accounting lapse post external probe

India's IndusInd Bank posts flat quarterly deposit growth amid accounting lapse

How Indian bank IndusInd's push for profits and lax controls drove it to a crisis

India's markets regulator probes insider trading at IndusInd Bank, ET reports

IndusInd Bank, stung by accounting lapses, raised $2 billion via market deposits in March

India's IndusInd taps Grant Thornton for fraud checks in accounting case, sources say

India's IndusInd Bank chiefs urged to step down, sources say; bank denies report

IndusInd Bank appoints independent firm to probe accounting discrepancies

IndusInd International to list insurance units of Reliance Capital in 2-3 years

India's IndusInd Bank raises bulk funding via CDs at slightly higher rates

India’s IndusInd Bank raises Rs110bn through certificates of deposit

Moody's places IndusInd Bank's credit assessment on review for downgrade

Indian central bank says IndusInd Bank's financial health remains stable

India central bank probing banks' derivatives books amid IndusInd fallout, sources say

IndusInd Bank's shares slide; CEO says quarterly profit on track despite accounting gaps

IndusInd Bank says its net worth to take 2.35% hit on discrepancies in derivative accounts

Nippon Life eyes minority stake in India’s IndusInd Bank

India's IndusInd Bank drops as CEO's shorter tenure extension sparks uncertainty

Performance Overview