IndusInd targets system-level growth next year, says CEO

INDUSIND BANK EXPECTS to grow in line with the country’s banking sector next year, following efforts to clean up its books and complete an organisational overhaul triggered by accounting lapses earlier this year, its new chief said.

- GOPIKA GOPAKUMAR & IRA DUGAL

The bank, whose largest shareholder is the UK-based Hinduja family, found itself in the midst of a crisis as governance and accounting lapses led to the exit of its former CEO Sumant Kathpalia and deputy Arun Khurana. The bank took a $230-million hit to its accounts and posted its largest-ever loss in the quarter ended March 31.

In the September quarter - the first under new chief executive Rajiv Anand — the bank reported a net loss as its loan and deposit portfolios shrank.