IndusInd Bank gets RBI nod for reappointing Sumant Kathpalia as MD & CEO

The private lender said that the Reserve bank of India (RBI) has approved the re-appointment of Sumant Kathpalia as managing director and chief executive officer (MD & CEO) of the bank for two years effective from 24 March 2023.

On 15 September 2022, IndusInd Bank's board had reappointed Kathpalia as MD & CEO, for a further period of three years with effect from 24 March 2023.

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 IndusInd Bank. Kathpalia has led several roles in his 30-year career.

At IndusInd Bank, he has been part of the management team that joined the bank 15 years ago and has been pivotal in turning the bank around. He has been a key member of the top-level executive committee looking at 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.

IndusInd Bank caters to both consumer and corporate customers. As of 31 December 2022, the bank's distribution network included 2,384 branches/ banking outlets and 2,894 onsite and offsite ATMs. The client base stood at 33 million as on 31 December 2022.

The bank's standalone net profit surged 68.71% to Rs 1,959.20 crore on 19.96% rise in total income to Rs 11,533.74 crore in Q3 FY23 over Q3 FY22.

Shares of IndusInd Bank slipped 2.06% to settle at Rs 1,145.50 on Friday, 10 March 2023.

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