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Informist, Tuesday, Apr. 15, 2025

--IndusInd Bk: External report sees INR 19.8 bln net worth hit on derivatives

--IndusInd Bk: Will account for INR 19.8 bln derivative hit in FY25 results
--IndusInd Bk:Report sees INR 19.8 bln hit on derivatives as on Jun 30, '24

MUMBAI – PricewaterhouseCoopers, the agency that was appointed by IndusInd Bank to review its derivatives portfolio accounting, has quantified a negative impact of INR 19.79 billion as of Jun. 30 from the discrepancies in the portfolio, the bank said Tuesday. The discrepancies were first reported Mar. 10.

Based on the agency's report, the bank has assessed an adverse impact of 2.27% from the discrepancies to its net worth as of December, it said in an exchange filing. "The bank will appropriately reflect the resultant impact in the financial statements for FY 2024-25 and continue to take suitable steps to augment the internal controls relating to the derivative accounting operations of the bank," it said in the filing.

On Mar. 10, the bank had disclosed that it had noted certain discrepancies in the account balances of its derivatives portfolio. The internal assessment had an adverse impact of nearly 2.35% on the bank's net worth as of Dec. 31, which is equal to around INR 15 billion.

Shares of IndusInd Bank closed 6.7% higher at INR 735.90 on the National Stock Exchange Tuesday. The bank's exchange filing came after market hours.  End

Reported by Kshipra Petkar

Edited by Rajeev Pai

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