2 days ago
India's IndusInd Bank posts quarterly profit drop
BENGALURU, July 28 (Reuters) - India's IndusInd Bank ( opens new tab reported a drop in first quarter profit on Monday, hurt by decline in loans and rise in provisions for potential bad loans.
The country's fifth largest private lender by assets said its profit fell 68% to 6.84 billion rupees ($78.93 million) for the quarter ended June 30.
In the previous quarter, IndusInd had reported its biggest-ever quarterly loss, as it took a $230 million hit to its accounts in the year ended March 31 due to years of misaccounting of internal derivative trades.
($1 = 86.6600 Indian rupees)
