IndusInd Bank rallied 4.11% to Rs 1,245.25 after the private lender said that its board has considered and approved the re-appointment of Sumant Kathpalia as the managing director (MD) & CEO of the bank.

The board of directors of the bank has approved the re-appointment of Sumant Kathpalia as MD and CEO, for a further period of three years, with effect from 24 March 2023 up to 23 March 2026 (both days inclusive).

The private lender said that the re-appointment is subject to the approval of the Reserve Bank of India and the shareholders of the bank.

Sumant Kathpalia is a career banker with years of experience in large multi-national banks such as Citibank, Bank of America and ABN AMRO prior to joining Induslnd Bank. At IndusInd Bank, he has been part of the core leadership team that joined the bank 14 years ago and has been pivotal in turning the bank around, the bank stated.

As MD & CEO of IndusInd Bank (24 March 2020 - Current), Kathpalia led the core executive team of the bank that has successfully effected the bank's business turn-around. He is responsible for the bank's overall business strategy & execution, financial management, managing investor relations, mergers & acquisitions, evaluation of inorganic growth opportunities, digitization, compliance and governance, IndusInd Bank said in the press release.

The bank further said that he created a new and robust organizational structure to place a greater focus on customer interaction, portfolio & risk management, support new business direction and for stronger internal & external customer focus. He spearheaded business growth of the bank with marked improvement in key financial and business performance metrics, it added.

IndusInd Bank caters to both consumer and corporate customers. As of 30 June 2022, the bank's distribution network included 2,286 branches/banking outlets and 2,783 onsite and offsite ATMs.

The bank reported 64% rise in standalone net profit to Rs 1,603 crore on a 9% increase in total income to Rs 10,110 crore in Q1 FY23 over Q1 FY22.

Shares of IndusInd Bank hit a 52-week high of Rs 1,250.05 in intraday today.

Courtesy:HBL, BS