Private lender IndusInd Bank on Friday (10th March 2023) said that the Reserve bank of India had approved the re-appointment of Sumant Kathpalia as management director (MD) and chief executive officer (CEO) of the bank.
* IndusInd Bank said the central bank has approved the re-appointment of Sumant Kathpalia as MD and CEO for a period of two years from 24 March, 2023.
* The nod by RBI comes nearly six months after the IndusInd Bank's board of directors had cleared another term for Kathpalia, who has been the lender's MD & CEO since March 2020.
* At IndusInd Bank, he has been part of the management team for 15 years ago. He has been a key member of the top-level executive committee looking at IndusInd Bank-wide financial management, managing investor relations and evaluating inorganic growth opportunities.
* "In his prior role as Head - Consumer Bank at IndusInd Bank, Kathpalia has been instrumental in setting up several new businesses from scratch to cater to the needs of individual and SME segments," the bank said.
* IndusInd Bank's recorded a rise of 68.71% in profit after tax to ₹1,959.20 crore for the quarter ended December 2022 from a profit of ₹1,161.27 crore in the same quarter last year. The lender also recorded a significant drop in gross NPA and provisions during the quarter.
* Meanwhile, in Q3FY23, the bank's net interest income (NII) stood at ₹4,495.34 crore increasing by 18.5% from ₹3,793.57 crore in Q3 of FY22. But up by 4.5% from ₹4,302.05 crore in Q2FY23..
Source : Mint