IndusInd bank announced that it will take necessary steps to hold the personnel responsible for lapses and shift their roles after independent audit confirmed incorrect accounting , according to its exchange filings.
The lender will take a hit of ₹1959.98 crore on profit as estimates by the report, the bank said in its filing.
“The Firm (independent audit firm) has determined cumulative adverse accounting impact on P&L at INR 1959.98 crores as on 31st March 2025, which is similar to the amount disclosed on 15th April 2025. The Bank will appropriately reflect the resultant impact of the accounting discrepancies in the financial statements for FY 2024-25 and take measures to strengthen internal controls accordingly. The Bank has already discontinued internal derivative trades from 1st April 2024. The Report identifies incorrect accounting of internal derivative trades, especially in case of early termination, which resulted in recording of notional profits, as the principal root cause for accounting discrepancy. The Report also examined the roles and actions of key employees in this context. The Board is taking necessary steps to fix accountability of the persons responsible for these lapses and re-align roles and responsibilities of senior management,” the filing read.
IndusInd Bank board to hold key personnel accountable after audit report confirms “incorrect accounting”
Published – April 28, 2025 08:08 am IST
