K Cherian Varghese, former chairman and managing director of Union Bank of India, Corporation Bank and South Indian Bank, has resigned from the directors board of Kochi-based Federal Bank.
Sources close to the developments told Business Standard he tendered his resignation last week. According to the sources, he was unhappy with the functioning of the bank and its performance in recent times. The bank posted a 44.5 per cent drop in net profit for the first quarter ended June at Rs 105.7 crore, on a sharp rise in provisions for bad loans and taxes. Its net profit in Q1 of 2012-13 was Rs 190.4 crore.
Sources close to the developments told Business Standard he tendered his resignation last week. According to the sources, he was unhappy with the functioning of the bank and its performance in recent times. The bank posted a 44.5 per cent drop in net profit for the first quarter ended June at Rs 105.7 crore, on a sharp rise in provisions for bad loans and taxes. Its net profit in Q1 of 2012-13 was Rs 190.4 crore.