IndusInd Bank's employee costs soar amid job cuts
Business
IndusInd Bank now has 122 employees earning over ₹1.02 crore a year—up from 105 last year and more than twice as many as in FY21.
Interestingly, this happened while the bank actually cut 663 jobs, bringing its total staff down to 44,974 by March 2025.
The focus on high-value roles pushed employee costs up by over 10% to ₹4,301 crore.
Net profit drops sharply by 70.5%
Despite investing in top talent (including 33 new hires making over ₹8.5 lakh per month), the bank's net profit dropped sharply—down 70.5% to ₹2,643 crore—mainly due to higher provisioning for certain accounts.
On the leadership front, Rajiv Anand is set to become the new CEO on August 25, succeeding Sumant Kathpalia.