New Delhi: IndusInd Bank reported a net loss of Rs.2,328.87 crore for Q4 FY2025 as against a net profit of Rs.2,043 crore in the same period last year, as an internal audit unearthed accounting discrepancies and mis-reporting of income. The bank has had to provision Rs.4,312 crore as a result of this.
The bank’s Net Interest Income dropped from Rs.5,376 crore last year to Rs.3,048 crore this year, a decline of 45% YoY.
“The Bank has appropriately accounted for and reflected the impact of all discrepancies identified in these reports while finalizing the financial results for the quarter/ twelve months ended March 31, 2025,” the Bank said in a filing to the exchanges.
“Whilst the Bank has reported a loss for Q4 due to these extraordinary developments, the bank has been profitable for the full year FY25 with Profit After Tax of Rs 2,575 crores,” the filing added.
After the discrepancies came to light, IndusInd’s MD and CEO, Sumant Kathpalia, deputy CEO Arun Khurana and CFO Gobind Jain resigned from their posts in January.
After this, the bank’s board selected a committee of executives to work in place of the CEO as the board looks to appoint a permanent CEO for the bank. This select committee is working under the guidance of an oversight committee headed by Sunil Mehta, a non-executive independent director and the bank’s chairman.
In an earnings call with analysts, IndusInd Bank has said it is in advanced stages of selecting its CEO, and the bank will submit its recommendations to the RBI by June 30.
