IndusInd Bank's 72% Profit Plunge Amid Governance Challenges
IndusInd Bank reported a significant 72% drop in its consolidated net profit to Rs 604 crore for the June quarter. The decline follows management issues and irregularities in recognizing bad loans. Despite adversity, the bank shows signs of recovery, strengthened governance, and enhanced operational controls under its interim management.
- Country:
- India
Private sector lender IndusInd Bank experienced a substantial 72% decrease in its consolidated net profit for the June quarter, plummeting to Rs 604 crore. This stark decline is intertwined with ongoing management challenges and alleged irregularities.
Previously, in the same quarter last year, the bank recorded profits of Rs 2,171 crore. Despite a loss of Rs 2,329 crore in the preceding March quarter, the interim management indicates a recovery through 'clean and profitable' outcomes.
Publicly expressing confidence, Chairman Sunil Mehta lauded the interim governance for ensuring seamless operations and addressing legacy issues, thereby providing a robust recovery framework.
(With inputs from agencies.)
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