private bank, Indesind bank Reuters of the news agency said that Monday said that its total assets are expected to fall by 2.35% by December 2024, after discrepancies exposed during the internal review of their accounts, the Reuters of the news agency said.
The bank said in a stock exchange filing that it has appointed a prestigious external agency to validate the reviews and conclusions independently. However, it did not provide details about the nature of discrepancies.
“The bank has mentioned some discrepancies in the remaining amount of these accounts. The bank’s detailed internal review has estimated the adverse effects of about 2.35% of the total assets of the bank as December 2024. The bank has also appointed a reputed external agency to freely review a reputed external agency and validate internal conclusions.” Read the bank statement for SEBI filing.
“A final report of the external agency is awaited and the base is that the bank will appropriately consider any resulting impact in its financial statements. The bank’s profitability and capital adequacy remains healthy to absorb this one -time impact.” The bank said.
Despite this issue, the IndusInd Bank assured investors that its profitability and capital adequacy remains strong enough to absorb “one -time impact”.
Meanwhile, IndusInd Bank’s stock closed at Rs 901.95 on Monday, which was 3.71% after the 52 -week low of Rs 881 was reduced by Rs 881.
Indicid bank shares on Bombay Stock Exchange (BSE) declined by 5.4% on Monday, investors reacted to the decision of the Reserve Bank of India (RBI), which is only according to the ATRKNet Report, instead of the ATRKNet Report, instead of only one year expansion to CEO Sumant Kathpalia for one year expansion.
This was the second consecutive time when the RBI approved a short term for Kathpalia, which was proposed by the board.
In the last one year, the stock of a private lender has declined by 42.45%, a decline of 8.41% in the last three months and a decline of 9.11% in the last week.
Brokerage has flagged development as a possible source of instability for the bank’s strategy.
Emkay Global reduced its target price for IndusInd Bank by 20%, keeping it ‘by maintaining a’ buy ‘rating and reduced it by Rs 1,400. The firm highlighted that the RBI’s decision could lead to management infection and uncertainty about the bank’s strategic direction. The revised target price indicates a potential possibility of about 27% from the current levels.
Nuwama was more cautious, citing concerns on a weak microfinance cycle, lack of earning visibility and the possibility of external CEO appointment. Brokerage hopes the stock pressure continues despite the recent decline.
(Disclaimer: The opinion, analysis and recommendations expressed here are of brokerage and do not reflect the views of the Times of India. Always consult a qualified investment advisor or financial planner before making any investment decisions.)
I am a passionate digital marketer, content writer, and blogger. With years of experience in crafting compelling content and driving digital strategies. I’m always exploring new trends, optimizing strategies, and creating content that resonates with audiences. When I’m not working, you’ll find me diving into the latest digital marketing insights or experimenting with new blogging ideas.