The bank further stated that a meeting of the board of directors will be convened in due course to approve the appointment of Ajith Kumar K.K as the MD & CEO of the bank.

The private sector lender will also seek the approval of its shareholders for the same, as per the regulatory provisions.

Ajith Kumar K.K is a seasoned banker with over 36 years of experience with the Federal Bank Limited in various facets of banking including credit, human resources, business, branch banking, etc.

Presently, he is the chief human resources officer in Federal Bank Limited in the cadre of President. He is also director of Federal Operations & Services Limited, wholly-owned subsidiary of Federal Bank Limited, on account of his employment.

Dhanalakshmi Bank offered services of personal banking are savings account, current account, term deposit, personal loans, car loans, home loans, business loans, loan against property, credit card, debit card, internet banking and mobile banking services.

The bank had reported a net profit of Rs 3.05 crore in Q3 FY24, which is sharply lower as comared with the PAT of Rs 21.73 crore posted in Q3 FY23. Total income of the bank rose 10% YoY to Rs 343.42 crore during the period under review.

The scrip fell 2.05% to currently trade at Rs 42.90 on the BSE.