NEW DELHI (Reuters) -IndusInd Bank, India’s fifth-largest private lender by assets, said on Sunday it would take a $229.56 million hit to its accounts for the financial year ended March 31, 2025 because of the incorrect treatment of derivatives going back several years.
The bank is due to report earnings for the full financial year before May 15, but is yet to disclose the date for the release.
The likely hit is similar to what was disclosed by the bank in April but has been finalised after internal and external reviews of the accounting discrepancy in its currency derivatives book, dating back six years.
On Sunday, the Indian lender said the external probe had concluded and responsibility was being fixed on the people responsible for the lapses.
“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,” it added, without giving details.
It added that internal derivative trades had been discontinued by the company since April. The bank’s stock closed 0.32% higher on Friday.
(Reporting by Ira Dugal; Writing by Arpan Chaturvedi; Editing by David Holmes)
