IndusInd Bank Q2 Update: Advances, Deposits Decline Sequentially

IndusInd Bank Ltd. reported a sequential decline in both advances and deposits as of the quarter ended Sept. 30, the bank said in an exchange filing on Saturday. The quarterly update comes just ahead of the lender’s second-quarter results, which are expected by late October.

As of the quarter ended Sept. 30, net advances were Rs 3.3 lakh crore, down 2% on a sequential basis from the preceding quarter. Deposits were Rs 3.9 lakh crore, also down 2% quarter on quarter. The bank’s current and savings account ratio stood at 30.8% as of Sept. 30, compared with 31.5% in the prior quarter.

The filing noted the figures are as at the quarter end and do not represent flows for the quarter. The update follows recent changes to the bank’s finance leadership. IndusInd appointed Viral Damania as chief financial officer and key managerial personnel effective Sept. 22. Damania joins with more than 27 years of experience in banking and professional services, most recently as chief financial officer for Bank of America India

Santosh Kumar, who had been special officer in charge of finance and accounts, will return to his role as deputy CFO, the bank said. The appointment is the second senior hire under Managing Director and Chief Executive Officer Rajiv Anand, who took charge on Aug. 25. The bank earlier named Pragati Gondhalekar head of internal audit on Sept. 1.

The appointment of a new CFO follows the resignation of former CFO Gobind Jain in January and subsequent disclosures of accounting issues in the bank’s derivatives portfolio. Reviews later identified irregularities in the microfinance business, which saw the departures of the then MD and CEO and the deputy CEO in April after regulatory findings