RBI Approves Reappointment Of Sumant Kathpalia As MD, CEO Of IndusInd 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.

“We hereby inform that Reserve Bank of India vide its letter dated March 10, 2023 has conveyed its approval for re-appointment of Mr. Sumant Kathpalia (DIN: 01054434) as Managing Director & CEO of the Bank for a further period of 2 years with effect from March 24, 2023," said IndusInd Bank in its filing.

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.

On Friday, the company's scrip ended 2.02% down at ₹1,146 on BSE.