Private sector lender IndusInd Bank Ltd on Friday (September 27) announced the re-election of Sumant Kathpalia as managing director and chief executive officer for another three-year term.
Kathpalia’s new tenure will begin on March 24, 2025 and will extend until March 23, 2028, pending approval from the Reserve Bank of India (RBI) and the bank’s shareholders. He has served as CEO and CEO since March 2020.
The bank’s board of directors approved his re-election based on the recommendation of the Compensation, Appointments and Remuneration Committee.
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Kathpalia is a career banker with over 36 years of experience in large multinational banks such as Citibank, Bank of America and ABN AMRO before joining Induslnd Bank.
At IndusInd Bank, Kathpalia has been part of the core leadership team. He joined the bank 16 years ago and has been instrumental in turning it around. He was responsible for the bank’s overall business strategy and execution, financial management, investor relations management, mergers and acquisitions, evaluation of inorganic growth opportunities, digitalization, compliance and governance.
As MD & CEO of IndusInd Bank (March 24, 2020 till now), Kathpalia led the core executive team, which successfully executed the bank’s business turnaround.
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IndusInd Bank reported a net profit of ₹2,171 crore for Q1FY24, up 2.2% compared to ₹2,123.6 crore in the same quarter last year. However, it fell short of the CNBC-TV18 survey estimate of ₹2,292 crore.
IndusInd Bank saw its NII rise 11.1% year-on-year, reaching ₹5,408 crore from ₹4,867 crore in the year-ago period. Gross non-performing assets (NPA) increased to ₹7,127 crore from ₹6,693.4 crore in the previous quarter. The gross NPL ratio increased to 2.02% from 1.92%.
Net bad debts also increased, reaching Rs 2,095 crore compared to Rs 1,968.9 crore in the last quarter. The net NPL ratio increased to 0.60% from 0.57%. New NPA additions stood at Rs 1,536 crore for the quarter, compared to Rs 1,428 crore in the March quarter.
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Shares of Indusind Bank Ltd ended at ₹1,462.05, up ₹9.65, or 0.66%, on the BSE.
(Edited by: Shoma Bhattacharjee)
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