Bandhan Bank Board Approves Reappointment of Chandra Shekhar Ghosh as MD & CEO
The board of directors at Bandhan Bank has given the green light for the reappointment of Chandra Shekhar Ghosh as the Managing Director & Chief Executive Officer (MD&CEO). The Kolkata-based private sector lender has extended Ghosh’s tenure for a period of three years. The current term is set to expire on July 09, 2024.
The reappointment is contingent upon the approval of both the Reserve Bank of India (RBI) and the shareholders of the bank. As per regulatory provisions, the application for the reappointment of the MD & CEO must be submitted to the RBI at least six months before the conclusion of the current term. Ghosh is set to assume his renewed role from July 10, 2024, and will not be liable to retire by rotation.
Extensive Expertise:
Chandra Shekhar Ghosh brings to the table over three decades of experience in microfinance, banking, and development. His leadership has played a crucial role in steering Bandhan Bank through various challenges and contributing to its growth.
Robust Financials in Q2 FY 2023: Bandhan Bank reported a noteworthy net profit of Rs 721.20 crore in the July–September quarter of the current financial year, marking a substantial YoY growth of 244 percent from Rs 209.3 crore in the corresponding period last year.
Gross Non-Performing Asset (GNPA) Overview: Despite the positive net profit, the bank witnessed a 14.8 percent YoY increase in its gross non-performing assets (GNPA) in the reporting quarter. The GNPA stood at Rs 7,874 crore, up from Rs 6,854 crore in the same period a year ago. The net NPA ratio for the bank in July-September was 40 percent YoY.
Net Interest Income (NII) and Total Income: The Net Interest Income (NII) for the quarter reached Rs 2,443.40 crore, contributing to the bank’s total income of Rs 5,032 crore. This reflects a positive growth trajectory compared to Rs 4,250 crore during the corresponding period last year.
Q1: What recent decision did the board of directors at Bandhan Bank make regarding its leadership?
A1: The board of directors at Bandhan Bank recently approved the reappointment of Chandra Shekhar Ghosh as the Managing Director & Chief Executive Officer (MD&CEO) for an additional three-year term. This decision extends Ghosh’s current tenure, set to expire on July 09, 2024.
Q2: What conditions are attached to the reappointment of Chandra Shekhar Ghosh as MD&CEO?
A2: The reappointment of Chandra Shekhar Ghosh is contingent upon the approval of both the Reserve Bank of India (RBI) and the shareholders of Bandhan Bank. According to regulatory provisions, the application for Ghosh’s reappointment must be submitted to the RBI at least six months before the conclusion of the current term. Ghosh is expected to assume his renewed role from July 10, 2024, and will not be liable to retire by rotation.
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