HDFC deputy MD Kaizad Bharucha announces exit ahead of Anup Bagchi's takeover as CEO
HDFC Bank's Deputy Managing Director, Kaizad Bharucha, has announced his resignation, effective December 31. This move precedes Anup Bagchi's appointment as the new Managing Director and CEO. In the latest reports, HDFC Bank has demonstrated remarkable profitability shifts this July to September, reflecting improved asset quality and a surge in net profit. Bharucha's resignation awaits approval…
HDFC Bank's Deputy Managing Director Kaizad Bharucha has announced his resignation, effective December 31, according to a bank filing. Bharucha, who has been with the institution since 1995, has requested his departure and the board has accepted it, submitting the request to the Reserve Bank of India for approval. Anup Bagchi, a former ICICI Group executive, is set to assume the roles of Managing Director and CEO on October 27, just days after Bharucha's exit.
Bharucha was reportedly in contention for the top position. Meanwhile, HDFC Bank reported a 5.55% year-on-year increase in its consolidated net profit to Rs 20,700 crore for the July-September quarter, driven by a 4.7% rise in net profit to Rs 19,510 crore on a standalone basis. Total income reached Rs 97,258 crore, while total expenses climbed to Rs 67,774 crore.
The bank's provisions and contingencies also grew to Rs 3,573.62 crore. HDFC Bank noted a decline in the gross non-performing assets ratio to 1.11% as of September 30, alongside an overall capital adequacy ratio of 18.9% at the end of the reported quarter.
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