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RBI approves reappointment of Shyam Srinivasan as Federal Bank MD, CEO

RBI approves reappointment of Shyam Srinivasan as Federal Bank MD, CEO

Private lender, in its Q1 results announced on July 15, reported 4 per cent growth in net profit at Rs 401 crore as against Rs 384 crore in the same period last year

Shyam Srinivasan, Managing Director and Chief Executive Officer of Federal Bank Shyam Srinivasan, Managing Director and Chief Executive Officer of Federal Bank

The Reserve Bank of India has approved the reappointment of Shyam Srinivasan as the Managing Director and Chief Executive Officer of Federal Bank with effect from September 23 till September 22, 2021. The bank received the approval from the apex bank on July 16.

"As required under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements Regulations, 2015), we wish to inform you that the approval from Reserve Bank of India has been received on July 16, 2020, for the reappointment of Mr Shyam Srinivasan as the MD & CEO of the Bank, w.e.f. September 23, 2020 (the completion of the present term of office) till September 22, 2021, along with remuneration as proposed by the Bank," the bank mentioned in a corporate filing.

The private lender, in its Q1 results announced on July 15, reported 4 per cent growth in net profit at Rs 401 crore as against Rs 384 crore in the same period last year. On a quarter-on-quarter basis, the bank's profit surged 33 per cent from Rs 301 crore in the March quarter of FY20.

The Kerala-based bank has posted a total income of Rs 3,933 crore in the June quarter of 2020 versus Rs 3,621 crore in the year-ago period, registering a year-on-year (YoY) growth of 9 per cent. On a sequential basis, revenue fell 4 per cent from Rs 4,108 crore in the March quarter. The shares of Federal Bank opened at 53.05, 1.92 per cent or Re 1 higher on Friday against the previous day closing price of Rs 52 on the NSE.

Also read: Federal Bank Q1 profit rises 4% to Rs 401 crore; provisions doubles to Rs 395 crore