Dhanlaxmi Bank advanced 1.65% to Rs 43.10 after the bank's board approved the appointment of Ajith Kumar K. K as managing director (MD) & chief executive officer (CEO) of the bank for a period of three years from 20 June 2024.
Ajith Kumar K.K shall also be a whole-time key managerial personnel (KMP), material risk taker (MRT) and principal officer of the bank. The bank stated that it will seek approval of the shareholders of the bank for the said appointment within the prescribed time period.Kumar K.K is a graduate in agriculture from Kerala Agricultural University (KAU) and MBA from Cochin University of Science and Technology (CUSAT). He is a seasoned banker with over 36 years of experience with the Federal Bank in various facets of banking including credit, human resources, business, branch banking etc.
He is presently the chief human resources officer at Federal Bank in the cadre of President. He is also the director of Federal Operations & Services, wholly-owned subsidiary of Federal Bank, on account of his employment with Federal Bank.
Dhanalakshmi Bank offered services of personal banking are savings account, current account, term deposit, personal loans, car loans, home loans, business loans, loan against property, credit card, debit card, internet banking and mobile banking services.
The bank had reported a net profit of Rs 3.31crore in Q4 FY24, which is sharply lower as comared with the net profit of Rs 38.17 crore posted in Q4 FY23. Total income of the bank rose 11.5% YoY to Rs 347.30 crore during the period under review.
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