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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
IndusInd Bank shares in focus as Crisil, CARE hold off on ratings watch
IndusInd Bank shares will be in focus on Thursday after rating agency Crisil refrained from placing the private lender on ratings watch, stating that the full extent of discrepancies in the bank’s derivatives portfolio will only be known once an external agency submits its findings.
Crisil noted that these discrepancies are likely to have a one-time impact on the bank’s financials but added that IndusInd’s pre-provisioning operating profitability and capital adequacy remain strong enough to absorb the impact.
“Crisil Ratings will continue to monitor developments closely for their impact on the bank’s overall credit risk profile,” the agency said.
Moody's Investors Service on Tuesday placed IndusInd Bank’s Ba1 Baseline Credit Assessment (BCA) under review for a potential downgrade following the private sector lender’s recent disclosure of discrepancies in its derivatives portfolio. While Moody’s expects the near-term impact on IndusInd’s profitability and capital to be manageable, it emphasised that the lack of effective internal controls remains a significant credit concern.
The rating agency said that the review for downgrade reflects concerns over the negative impact of the accounting discrepancies, combined with stress in the bank’s retail unsecured loan portfolio, which could adversely affect its profitability, capital and funding.
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Moody’s also highlighted the uncertainty surrounding potential leadership changes at IndusInd Bank. “In addition to the accounting issues, the potential for changes
The same topic in other media
The week in charts: Tax share, oil diplomacy, IndusInd Bank sell-off livemint.com / 1 year ago
IndusInd Bank to appoint independent firm to investigate discrepancies in derivative accounts economictimes.indiatimes.com / 1 year ago
Crisil holds off on rating watch for IndusInd Bank, awaits external agency's findings on derivatives discrepancies economictimes.indiatimes.com / 1 year ago
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21.05 / 10:17
UPS
Art
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wellness
film
How chronic illness became a starting point for artistic alchemy for Koshy Brahmatmaj
Subscribe to enjoy similar stories.Pain is invisible; the sufferer has to make noise for it to be acknowledged, treated or accepted. Mumbai-based artist Koshy Brahmatmaj, 34, lives with chronic endometriosis, a painful condition that afflicts millions of women around the world.
21.05 / 10:17
markets
UPS
IPO
NVIDIA
SpaceX
Even at $5 trillion, Nvidia is underappreciated
Subscribe to enjoy similar stories.Nvidia is no longer the only AI chip game in town. But it is the largest by far, and the likelihood that it will be that way for the foreseeable future should count for something.It hasn’t counted for much lately.
21.05 / 10:17
markets
Digital
CEO
War
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RK Swamy bets on integrated advertising model as global agency giants split media and creative
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21.05 / 09:47
markets
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Secured credit cards: Unlocking credit and building a credit score for millions
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Forensic audits support corporate-fraud probes and IBC cases but still lack enforceable standards
Subscribe to enjoy similar stories.Forensic audits have gained significance in today’s world of business as they serve as a useful tool for commercial lenders to investigate fraud by borrowers and/or identify other deep-seated financial irregularities. Forensic auditors are also employed by resolution professionals to report on preferential, undervalued, fraudulent and extortionate (‘PUFE’) transactions for adjudication under India’s Insolvency and Bankruptcy Code (IBC). While there is no single universal definition, several globally recognized organizations have provided widely accepted definitions (and norms) of forensic auditing.
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UPS
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