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Hot Pursuit
17-Apr-23
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Karnataka Bank appoints Sekhar Rao as interim MD & CEO
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Karnataka Bank announced that Sekhar Rao has been appointed as interim managing director chief executive officer (MD & CEO) with effect from 15 April 2023 for three months or till the appointment of regular MD & CEO, whichever is earlier.
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Sekhar Rao has more than 29 years of overall work experience, of which 19 years in BFSI sector, specifically in banking, information technology, payment and settlement products, business management, strategy & operations. He has over 10 years of experience in CXO roles reporting to MD & CEO and board committees.
Further, Mahabaleshwara M S ceased to be MD & CEO of the bank effective from closure of business hours on 14 April 2023 upon completion of his tenure.
Karnataka Bank is an Indian private sector bank based in Mangalore. It had 885 branches, 1463 ATMs and cash recyclers and 567 e-lobbies.
The private lender's net profit surged 105.14% to Rs 300.68 crore on 16.68% increase in total income to Rs 2,055.31 crore in Q3 FY23 over Q3 FY22.
The scrip added 0.38% to currently trade at Rs 130.75 on the BSE.
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