South Indian Bank Finalises Potential Candidates For MD Post
South Indian Bank’s Nomination and Remuneration Committee (NRC) responsible for finding the new MD and CEO has received many applications, according to Chairman Salim Gangadharan. The NRC has already assessed and shortlisted a few candidates.
During the Q4 earnings call, Gangadharan stated that the search committee is presently evaluating the applications and conducting several rounds of interviews with the shortlisted candidates. Once the selection is finalised, the bank will move on to the second stage of seeking regulatory approval, as required, four months prior to the appointment.
The current MD and CEO, Murali Ramakrishnan, who will complete his term in September has stated that the search committee has collaborated with Hunt Partners to screen and process the applications and potential candidates.
The private sector bank recorded a net profit of Rs 334 crore in Q4, which is a 23 per cent increase from the previous year and significantly higher than the Rs 103 crore it earned in the previous quarter.
The bank also achieved a record profit after tax (PAT) of Rs 775 crore for FY2022-23, which marks the highest profit ever earned by the bank.
