The discrepancy is linked to accrual of interest income in the bank’s microfinance portfolio, and is understood to have occurred over the second and third quarters of the current financial year (Q2 and Q3 of FY25), CNBC-TV18 has learnt. The bank is believed to already started making provisions, utilising contingent provisions in Q3 FY25 to manage the potential financial impact, a person directly in the know said.
As per available data, IndusInd Bank held ₹1,325 crore in contingent provisions at the end of Q3 FY25, compared to ₹
1,525 crore in the previous quarter.
IndusInd Bank’s micro loan book stood at ₹32,564 crore as of Q3 FY25. During the same quarter, the bank reported ₹305 crore in new stress formation in the microfinance segment, and wrote off ₹344 crore in microfinance loans, its disclosures showed.
The forensic audit will seek to determine the root causes of the discrepancy, assess internal controls, and identify any potential lapses in governance.
This spells fresh trouble for the bank, which is already under the lens for ₹1,979 crore hit it is facing from the discrepancies in its derivates portfolio. While PWC has submitted its findings on the derivates book, Grant Thornton’s forensic audit of the book is still ongoing, it is understood.
CNBC-TV18 has reached out to the bank for its comments on the new discrepancies relating to its microfinance book. At the time of publication, IndusInd Bank had not issued an official statement regarding the matter.
Shares of Indusind Bank Ltd. are trading 4.46% lower on Tuesday at ₹791.25. On a year-to-date basis, the stock is down 18%.
