IndusInd Bank’s CFO, Gobind Jain, has stepped down from his position, citing personal reasons, according to an exchange notice. Arun Khurana, the bank’s Executive Director and Deputy CEO, will take over the role of CFO, effective Tuesday, January 21.
Jain will complete a 90-day notice period and assist the bank with the transition until April 17.
IndusInd Bank reported a significant 40 percent decline in its year-on-year (y-o-y) net profit and a 39 percent drop in quarter-on-quarter (q-o-q) performance for Q2FY25, with the consolidated net profit standing at Rs 1,331 crore. The decline is mainly attributed to increased provisions for non-performing assets (NPAs) linked to unsecured loans. Analysts anticipate that the bank may continue to report subdued earnings in Q3, given the ongoing challenges in the microfinance institution (MFI) segment.
The bank is one of the leading microfinance institution (MFI) lenders in the country, with an outstanding micro-loan portfolio of Rs 32,723 crore as of September 30.