Thrissur-based South Indian Bank on Thursday (August 17) said the Reserve Bank of India (RBI) has approved the appointment of P R Seshadri as managing director and chief executive officer of the bank for a period of three years with effect from October 1, 2023.

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He has served, amongst other positions, as managing director & CEO of Karur Vysya Bank, managing director & regional sales and distribution head of Citibank N.A., Asia Pacific, Singapore, Managing Director & Regional Head of Lending, Businesses, Citibank N.A., Asia Pacific, Singapore, Managing Director CitiFinancial Consumer Finance India Ltd, India, Marketing Director, Citibank N.A, India Branches, Head of Structured Finance & Managing Director, CFRSIL & Integration Manager - Associates India Ltd, Head of Banking Collections, Citibank N.A, India, Head of Automobile Finance - Northern India, Head of Community Banking, Northern India, and Mortgage Business, Head – Southern India, Citi India.

Seshadri is an accomplished banker with experiences spanning multiple businesses, functional lines, and geographies. He has significant experience in enterprise-level management and in the management of all key commercial banking business lines and he has substantial experience in successfully managing investors, boards, and regulatory relationships in multiple geographies.

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Seshadri holds a Bachelor's degree in Electrical Engineering from the Delhi College of Engineering and a Post Graduate Diploma in Management from the Indian Institute of Management, Bangalore, the bank said in a regulatory filing.

He is currently mentoring businesses both at an operating level as well as at the Board level at various companies, the bank added.

For the first quarter, South Indian Bank reported a significant 75.5 percent year-on-year (YoY) increase in net profit, reaching Rs 202.3 crore for the first quarter ended June 30, 2023. According to a regulatory filing, in the same quarter of the previous year, the bank's net profit stood at Rs 115 crore.

The bank experienced a noteworthy surge of 53.9 percent in its net interest income (NII), which represents the difference between the interest income earned from lending activities and the interest paid to depositors. The NII for the quarter amounted to Rs 807.7 crore, compared to Rs 603.4 crore in the corresponding quarter of FY23.

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Shares of South Indian Bank Ltd ended at Rs 21.08, up by Rs 0.22, or 1.05 percent on the BSE.

First Published:Aug 17, 2023 10:52 PM IST