HomeBusiness NewsFinance NewsFederal Bank's new CEO search in advanced stage, can't comment on names: Shyam Srinivasan
Federal Bank's new CEO search in advanced stage, can't comment on names: Shyam Srinivasan
Shyam Srinivasan, who has been serving as the CEO of Federal Bank, is scheduled to complete his term in September 2024.
Shyam Srinivasan, the Managing Director (MD) and Chief Executive Officer (CEO) of Federal Bank, on Thursday (May 2) said that the lender's board has set up a search panel for evaluating candidates for the position of Managing Director and CEO.
However, when questioned about specific names forwarded to the Reserve Bank of India (RBI) for consideration, Srinivasan declined to comment.
Reports of KVS Manian's resignation from Kotak Mahindra Bank on April 30 prompted speculation that he might be among the contenders for the leadership role at Federal Bank.
Shyam Srinivasan, who has been serving as the CEO of Federal Bank, is scheduled to complete his term in September 2024.
Turning to the bank's financial performance, Srinivasan highlighted positive indicators in the fourth-quarter results.
He clarified that despite some numerical complexities due to a one-time pension impact of ₹162 crore, the quarter showcased strong operational metrics such as expanded net interest margins (NIMs) and net interest incomes (NIIs), alongside robust credit and deposit growth.
For the fourth quarter, the bank witnessed a 15% rise in its Net Interest Income (NII), which stood at ₹2,195.1 crore in Q4 compared to ₹1,909.3 crore in the same period of the previous financial year.
Federal Bank's slippages reached 13-quarter low, alongside an improvement in Net Interest Margin (NIM) exceeding expectations.
The bank attributed quarter's operational strength to factors such as a provision write-back, a first-time occurrence in over nine years, which supported the bank's bottom line.
Looking forward, Srinivasan foresees a loan growth of approximately 18-20% for the financial year 2025.
Additionally, he expressed confidence in Federal Bank's ability to regain momentum in acquiring Current Account Savings Account (CASA) deposits.
However, when questioned about specific names forwarded to the Reserve Bank of India (RBI) for consideration, Srinivasan declined to comment.
Reports of KVS Manian's resignation from Kotak Mahindra Bank on April 30 prompted speculation that he might be among the contenders for the leadership role at Federal Bank.
Shyam Srinivasan, who has been serving as the CEO of Federal Bank, is scheduled to complete his term in September 2024.
Turning to the bank's financial performance, Srinivasan highlighted positive indicators in the fourth-quarter results.
He clarified that despite some numerical complexities due to a one-time pension impact of ₹162 crore, the quarter showcased strong operational metrics such as expanded net interest margins (NIMs) and net interest incomes (NIIs), alongside robust credit and deposit growth.
For the fourth quarter, the bank witnessed a 15% rise in its Net Interest Income (NII), which stood at ₹2,195.1 crore in Q4 compared to ₹1,909.3 crore in the same period of the previous financial year.
Federal Bank's slippages reached 13-quarter low, alongside an improvement in Net Interest Margin (NIM) exceeding expectations.
The bank attributed quarter's operational strength to factors such as a provision write-back, a first-time occurrence in over nine years, which supported the bank's bottom line.
Looking forward, Srinivasan foresees a loan growth of approximately 18-20% for the financial year 2025.
Additionally, he expressed confidence in Federal Bank's ability to regain momentum in acquiring Current Account Savings Account (CASA) deposits.
(Edited by : Anshul)
First Published: May 2, 2024 3:49 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
