Akhil Handa, the driving force behind the 'bob World' app and head of digital lending at Bank of Baroda (BOB), has resigned from his position. His departure was confirmed by a BOB official in a late-night exchange filing that marked his last day and acknowledged his significant contribution to the bank's digital transformation.
Handa had been a part of BOB's Corporate Leadership Team since 2015 and played a pivotal role in the bank's strategic digital direction. His responsibilities encompassed a wide range of areas, including digital payments, assets business, product engineering, retail, SME, and Agri platforms via various channels such as mobile banking, internet banking, tablet banking, WhatsApp banking, fintech partnerships, startup banking, and the BOB Innovation Centre.
This development comes as the Reserve Bank of India has imposed restrictions on BOB from adding new users on its 'bob World' app due to supervisory concerns.
Kadgatoor Sheetal Venkatesmurt will replace Handa while also maintaining her current role as head of digital channels and operations.
InvestingPro Insights
In light of the recent developments at Bank of Baroda (BOB), InvestingPro provides some valuable insights. According to InvestingPro Tips, BOB has been experiencing accelerating revenue growth and consistently increasing earnings per share. This trend, in conjunction with the fact that it's a prominent player in the banking industry, bodes well for the bank's future, despite the recent changes in leadership.
However, investors should also consider some potential challenges. The bank has been burning through cash quickly and suffers from weak gross profit margins. Additionally, there are indications of poor earnings and cash flow that may force dividend cuts.
InvestingPro Data reveals that BOB's market cap stands at a significant 910.36M USD, with a P/E ratio of 245.9. Over the last year, the bank's total return on price has decreased by 15.73%. However, the bank's stock is trading at 84.27% of its 52-week high, indicating some resilience in the face of challenges. As of Q3 2023, the operating income margin was at 26.94%, signifying a healthy profit margin.
InvestingPro offers a wealth of additional tips and data for investors interested in BOB. This includes 8 additional InvestingPro Tips and numerous real-time metrics that can provide a more comprehensive view of the bank's financial health and potential.
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