|
The bank estimates a potential adverse impact of approximately 2.35% of its net worth as of December 2024. The discrepancies were identified during a review of Other Asset and Other Liability accounts related to the derivative portfolio, prompted by the implementation of the RBI's new Master Direction on investment portfolios. According to the media reports, this could lead to an adverse impact on its net worth by about Rs 1600 crore, and the bank plans to absorb this loss in its fourth-quarter earnings or the first quarter of the next fiscal year. To ensure transparency, the bank has appointed an external agency for an independent review and validation of the internal findings. The bank will adjust its financial statements based on the external agency's final report. IndusInd Bank has stated that its profitability and capital adequacy remain strong enough to absorb the one-time impact. IndusInd Bank caters to both consumer and corporate customers. As of 31 December 2024, the bank's distribution network included 3,063 branches/banking outlets and 2,993 onsite and offsite ATMs, as against 2,728 branches/banking outlets and 2,939 onsite and offsite ATMs as of 31 December 2023. The client base stood at 42 million as on 31 December 2024. The private lender's standalone net profit tumbled 39.01% to Rs 1,401.28 crore while total income grew by 8.46% to Rs 15,151.01 crore in Q3 December 2024 over Q3 December 2023. Powered by Capital Market - Live News |