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    IndusInd Bank reports Rs 2,329-cr loss in March quarter, FY25 profit tanks 71 pc

    May 21, 2025

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    New Delhi, May 21 (PTI) Beleaguered IndusInd Bank on Wednesday reported a net loss of Rs 2,328.9 crore on a consolidated basis for the fourth quarter ended March 31, 2025, mainly on account of higher provisioning and lower income.

    The private sector bank has been embroiled in accounting lapses, fraud in microfinance portfolio and balance sheet disclosures during the March quarter of FY'25, which triggered an internal audit review, top-level resignations, and a forensics probe.

    The bank had a consolidated net profit of Rs 2,349.15 crore in the March quarter of 2023-24.

    The bank has made provisioning of Rs 2,522 crore during the March quarter of FY25, up from Rs 950 crore provisioning made in the corresponding period in FY'24.

    Bank's interest income during the quarter fell 13 per cent to Rs 10,634 crore from Rs 12,199 crore in the March quarter of FY'24.

    For the full 2024-25 fiscal, IndusInd Bank reported over 71 per cent drop in net profit to Rs 2,576 crore. In FY'24, the bank had a net profit of Rs 8,977 crore.

    Provisioning during FY'25 rose to Rs 7,136 crore, from Rs 3,885 crore in FY'24.

    "The bank is in the process of taking necessary steps to assess roles and responsibilities and fix accountability or persons involved in any of the lapses. The Bank is fully committed towards taking these matters to their conclusion under applicable laws," IndusInd Bank said.

    Shares of IndusInd Bank closed at Rs 771.10, down 1.39 per cent over the previous close on BSE.

    In March, the private sector bank reported accounting lapses in the derivative portfolio which were estimated to have an adverse impact of approximately 2.35 per cent of the bank's net worth as of December 2024.

    Following this, the bank appointed an external agency PwC to assess the impact on the bank's balance sheet, lapses at various levels and suggest remedial action.

    The agency in its report has quantified the negative impact of the above as of June 30, 2024, at Rs 1,979 crore.

    On April 29, CEO Sumant Kathpalia and Deputy CEO Arun Khurana resigned from the bank, following which IndusInd Board appointed a Committee of Executives to oversee the operations of the bank, till a new MD & CEO assumes charge or a period of 3 months.

    Separately, the bank's internal audit department (IAD) has found “unsubstantiated balances” of Rs 595 crores in “other assets” of its balance sheet.

    The IAD also reviewed the bank's microfinance portfolio and found that a cumulative amount of Rs 674 crore was incorrectly recorded as interest over three-quarters of FY 24-25. PTI JD JD MR

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    ActsIncome Tax