IndusInd Bank has decided to appoint an independent professional firm to investigate certain issues in its derivative portfolio. This firm will check if the accounting of these contracts follows the correct standards, identify any mistakes, and find out who is responsible for them.
On March 10, the bank publicly announced that it had found some discrepancies in its account balances related to its derivative contracts. These issues were discovered during an ongoing review by an external agency.
The bank assured that once the review is completed, any necessary changes will be made in its financial reports.
IndusInd Bank serves both individual and business customers. As of December 31, 2024, the bank had 3,063 branches and 2,993 ATMs, compared to 2,728 branches and 2,939 ATMs a year earlier. Its customer base reached 42 million by the end of 2024.
In terms of financial performance, the bank’s net profit dropped by 39.01% to ₹1,401.28 crore in the third quarter of 2024, while total income grew by 8.46% to ₹15,151.01 crore compared to the same period in 2023.
