Private sector lender IndusInd Bank Ltd on Friday (September 27) announced the reappointment of Sumant Kathpalia as managing director and chief executive officer for another three-year term.

Kathpalia’s new term will commence on March 24, 2025, and extend through March 23, 2028, pending approval from the Reserve Bank of India (RBI) and the shareholders of the bank. He has been serving as MD and CEO since March 2020.

The bank’s board of directors approved his reappointment based on the recommendation of the Compensation, Nomination & Remuneration Committee.

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Kathpalia is a career banker with over 36 years of experience in large multinational banks such as Citibank, Bank of America and ABN AMRO prior to joining Induslnd Bank.

At IndusInd Bank, Kathpalia has been part of the core leadership team. He joined the bank 16 years ago and has been pivotal in turning it around. He was responsible for the bank’s overall business strategy and execution, financial management, managing investor relations, mergers & acquisitions, evaluation of inorganic growth opportunities, digitisation, compliance and governance.

As managing director and CEO of IndusInd Bank (March 24, 2020 to now), Kathpalia led the core executive team, which has successfully executed the bank’s business turnaround.

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IndusInd Bank reported a net profit of ₹2,171 crore for Q1 FY24, a 2.2% increase compared to ₹2,123.6 crore in the same quarter last year. However, it fell short of the CNBC-TV18 poll estimate of ₹2,292 crore.

IndusInd Bank saw its NII rise by 11.1% year-on-year, reaching ₹5,408 crore from ₹4,867 crore in the year-ago period. The gross non-performing assets (NPA) increased to ₹7,127 crore from ₹6,693.4 crore in the previous quarter. The gross NPA ratio rose to 2.02% from 1.92%.

Net NPA also increased, reaching ₹2,095 crore compared to ₹1,968.9 crore in the last quarter. The net NPA ratio increased to 0.60% from 0.57%. Fresh NPA additions amounted to ₹1,536 crore for the quarter, compared to ₹1,428 crore in the March quarter.

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Shares of Indusind Bank Ltd ended at ₹1,462.05, up by ₹9.65, or 0.66%, on the BSE.