Thursday, July 10, 2025

Creating liberating content

MUMBAI: Clean Fanatics, a premium marketplace specialising in high-quality home

Access Denied You don’t have permission to access ” on

Related News

RBI Governor Sanjay Malhotra on Thursday briefed the Parliamentary Standing Committee on Finance on the state of the Indian economy, assuring lawmakers that the country was performing well despite global

Investor confidence in India’s unlisted securities market has taken a hit after HDB Financial Services’ Initial Public Offering was priced significantly below grey market expectations. The impact has rippled across

MUMBAI: Clean Fanatics, a premium marketplace specialising in high-quality home services has raised $2 million in a seed round led by Inflection Point Ventures. The round also saw participation from

Access Denied You don’t have permission to access ” on this server. Reference #18.4cfdd417.1752162411.1968723b Source link

The rupee ended 3 paise higher at 85.70 against the US dollar on Thursday, supported by optimism over a possible US-India trade deal, even as equity markets closed in the

Tesla has scheduled its annual shareholder meeting for November 6, just a day after a group of major investors pushed the board to declare a date, but the move has

Trending News

Investor confidence in India’s unlisted securities market has taken a hit after HDB Financial Services’ Initial Public Offering was priced significantly below grey market expectations. The impact has rippled across

The rupee ended 3 paise higher at 85.70 against the US dollar on Thursday, supported by optimism over a possible US-India trade deal, even as equity markets closed in the

US stocks started on a cautious note Thursday despite a surge in airline shares led by Delta Air Lines, which posted strong quarterly results and raised its outlook for the

Italian confectioner Ferrero, known for brands like Nutella and Kinder, is buying the century-old US cereal company WK Kellogg in a deal valued at approximately $3.1 billion. The Ferrero Group

Unemployment benefit claims in the United States dipped last week,falling to a historically healthy range over the past couple years. These figures offer another sign of strength in the country’s

Companies that rank highest on diversity are delivering a clear financial edge, with a new study showing that inclusive firms recorded nearly 50% more profit after tax (PAT) than their

First quarterly loss for IndusInd Bank in 19 years

Word Count: 693 | Estimated Reading Time: 4 minutes


First quarterly loss for IndusInd Bank in 19 years

MUMBAI: IndusInd Bank reported a quarterly loss of Rs 2,236 crore for the three months ending March 2025, reversing a net profit of Rs 2,346 crore in the same period a year earlier. It was the bank’s first quarterly loss since March 2006.This disclosure follows the abrupt exits of its chief executive and his deputy last month after the bank unearthed widespread irregularities in its foreign exchange derivatives and microfinance portfolio. The bank managed to record a profit of Rs 2,642 crore for FY25, which was 70% lower than Rs 8,950 crore in the previous year.In filings to the stock exchange, the bank said internal and external reviews uncovered a fresh fraud where Rs 172.6 crore was wrongly booked as fee income in its microfinance arm. Broader discrepancies spanned derivative trades, income recognition, and the classification of assets and liabilities. The board now suspects fraud involving senior employees and has said it will file complaints with enforcement agencies.Sunil Mehta, the bank’s chairman, told analysts that the accounting of internal derivatives was discontinued from April 2024, following confirmation of irregularities by external reviewers. Additional audits found income was misclassified, loans wrongly categorized-leading to an under-provisioning of Rs 1,885 crore-and balances in “other assets” and “other liabilities” lacked substantiation. The bank also misbooked Rs 760 crore of interest income that should have been recorded elsewhere.Mehta said that the board will “do whatever needs to be done and follow the due process of law without fear or favour to ensure accountability”. He said that all issues were duly identified, duly addressed, and declared with stakeholders, and the new CEO would be starting with a fresh slate.The statutory audit for FY25, conducted by MSK & Associates and Chokshi & Chokshi, reveals a damning litany of past lapses. Among the more serious findings was a write-off of Rs 1,960 crore in “accumulated notional profits” since FY2016 arising from internal trades, termed by the auditors a “prior period item.” They also flagged the reversal of cumulative interest and fee income worth Rs 846.4 crore recorded during the year.Auditors highlighted manual entries dating back several years that were netted off in the current year, amounting to Rs 595 crore. More seriously, they pointed out glaring lapses by former key management personnel.





Source link

Sign In

Welcome ! Log into Your Account