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Kotak Mahindra Bank has promoted KVS Manian, the current whole-time director, to joint managing director, and Shanti Ekambaram, also a whole-time director, to deputy MD, effective from 1 March 2024. This move has raised questions about the ongoing CEO candidate search at Federal Bank, as KVS Manian was reportedly one of the candidates being considered for the MD and CEO position at Federal Bank, along with two internal candidates. This development occurred amid the forthcoming conclusion of the term of Federal Bank's current MD & CEO, Shyam Srinivasan, on 22nd September 2024.
Federal Bank operates through four segments: treasury, corporate or wholesale banking, retail banking and other banking operations. The bank has 1418 branches and 1960 ATMs/ recyclers as on 31 December 2023.
Federal Bank reported highest ever net profit of Rs 1,006.74 crore in Q3 FY24, registering a growth of 25.28% from 803.61 crore posted in Q3 FY23. Total income jumped 32.72% year on year (YoY) to Rs 6,592.66 crore in the quarter ended 31 December 2023. The bank reported highest ever net interest income at Rs 2,123.36 crore in Q3 FY24, registering a growth of 8.53% from Rs 1,956.53 crore posted in the same quarter last year.
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