IndusInd Bank shares hit 52-week high after CEO reappointment

“Board of directors” indusind bank In its meeting held on September 15, 2022, it approved the reappointment of Sumant Kathpalia as the Managing Director and CEO of the bank for a period of three years from March 24, 2023 to March 23, 2026. ,” the private lender announced in an exchange filing on Thursday. The reappointment is subject to the approval of the Reserve Bank of India (RBI) and the bank’s shareholders.

Kathpalia is a career banker with rich experience in large multi-national banks like Citibank, Bank of America and ABN AMRO before joining IndusInd Bank. At IndusInd Bank, he has been a part of the core leadership team that joined the bank 14 years ago and has been instrumental in transforming the bank.

Private sector lender IndusInd Bank reported 61 per cent year-on-year (YoY) growth in its net profit in the June quarter 1,631 crore, on the back of lower provisions and higher net interest income.

Its total provisions were 1,251 crore in the three months to June, 30% less than the same period last year. The lender also reported net interest income (NII) – the difference between earned and expenses – of 4,125 crore in Q1 FY23, up 16% year-on-year. Its net interest margin, a key measure of profitability, stood at 4.21%, up 15 basis points (bps) year-on-year and up 1 bps sequentially.

The bank’s asset quality showed a slight decline as compared to the March quarter. Its gross bad loans accounted for 2.35% of its total advances, up 8 bps from March 31. However, compared to the same period last year, IndusInd Bank’s gross bad loan ratio was down 53 bps.

Shares of IndusInd Bank are up over 36% so far in 2022 (YTD) compared to a flat rise in the benchmark BSE Sensex.

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