IndusInd Bank Elevates Santosh Kumar as Deputy Chief Financial Officer
According to reports, IndusInd Bank has elevated Santosh Kumar, currently serving as chief accountant, to the role of deputy chief financial officer (CFO) and special officer – finance and accounts, effective April 18. He has also been designated as key managerial personnel and will lead the bank's finance and accounts functions until a full-time CFO is appointed.
After Gobind Singh's resignation in January, having been the bank's CFO for more than three years, Arun Khurana, the deputy chief executive officer and whole-time director, assumed the responsibilities starting January 21. Khurana has now been freed from his extra position as the bank's CFO.
The bank notified the exchanges in January that Singh wanted to explore opportunities beyond the bank, which led to his resignation.
After Singh's departure, the bank's internal audit revealed inconsistencies in its derivative portfolio, estimating a 2.35 percent impact on the bank's net worth by December 2024.
The external firm – PwC – engaged by the bank to verify the results of the internal assessment, also uncovered inconsistencies in its derivatives portfolio and projected a detrimental effect of Rs 1,979 crore by June 30, 2024.
According to the reports, the bank indicated that the inconsistencies would negatively affect its net worth by 2.27 percent after taxes by December 2024.
Analysts have described PwC's results as favorable for the bank, pointing out that the anticipated effect on net worth is somewhat less than the bank’s internal assessment had forecasted.
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Nonetheless, the forensic audit report intended to uncover the fundamental reason for the inconsistencies in the bank's derivative portfolio is still pending. Moreover, there remains a lingering issue of management succession, as the Reserve Bank of India has granted just a year’s extension to the existing managing director and chief executive officer.
IndusInd Bank’s stocks finished higher, rising by 0.78 percent compared to the prior day's closing.