Private lender IndusInd Bank on Friday said the Reserve Bank of India has approved the re-appointment of Sumant Kathpalia as Managing Director and Chief Executive Officer 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 with effect from March 24, 2023.
“We hereby inform that the Reserve Bank of India vide its letter dated March 10, 2023 has approved the re-appointment of Shri Sumant Kathpalia (DIN: 01054434) as Managing Director & CEO of the Bank for a period of 2 years has given its approval for the same with effect from March 24, 2023,” IndusInd Bank said in its filing.
The approval by RBI comes almost six months after the board of directors of IndusInd Bank approved another term for Kathpalia, who has been the MD and CEO of the lender since March 2020.
At IndusInd Bank, he has been a part of the management team for over 15 years. He has been a key member of the top-level executive committee overseeing IndusInd Bank’s comprehensive 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 innovative businesses from scratch to meet the needs of the individual and SME segment,” the bank said.
IndusInd Bank reports 68.71% growth in profit after tax 1,959.20 crore for the quarter ending December 2022 with a profit of Rs. 1,161.27 crore in the same quarter last year. The lender also reported a significant decline in gross NPAs and provisions during the quarter.
Meanwhile, in Q3FY23, the Bank’s Net stood on interest income (NII) 4,495.34 crore, an increase of 18.5% 3,793.57 crore in Q3 of FY22. but up 4.5% from 4,302.05 crore in Q2FY23.
The company’s stock closed down by 2.02% on Friday. at 1,146 BSE,
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