Ashok Vaswani, a global banker and current President of Pagaya Technologies Ltd, is set to become the MD and CEO of Kotak Mahindra Bank, a company with a market capitalisation of Rs 3,52,000 crore. His appointment for a three-year term has been approved by the Reserve Bank of India and now awaits shareholders' approval. He will replace Uday Kotak in these roles.
Vaswani, an alumnus of ICAI, serves on the board of the London Stock Exchange Group (LON:LSEG) and SP Jain Institute of Global Management. He is also known for supporting charitable organisations like Pratham and Lend-AHand. With his extensive experience from Barclays (LON:BARC) and Citigroup (NYSE:C), Vaswani plans to guide Kotak Mahindra Bank in contributing significantly to India's economic growth.
The news of Vaswani's appointment comes on the same day as Kotak Mahindra Bank reported a Q2FY24 net profit of Rs 3,190.97 crore, a rise from Q2FY23's Rs 2,580.68 crore. The bank's total interest income for the quarter was Rs 11,192.83 crore, with other income contributing Rs 2,314.53 crore, culminating in a total income of Rs 13,507.36 crore.
The bank's gross non-performing assets and net NPA were reported at Rs 6,087.23 crore and Rs 1,274.81 crore respectively. The Reserve Bank of India has approved Ashok Vaswani as the MD and CEO for a three-year term beginning no later than January 1, 2024.
According to InvestingPro's real-time metrics, Kotak Mahindra Bank has been experiencing accelerating revenue growth and consistently increasing earnings per share. However, they also note that the bank has been quickly burning through cash and that analysts have revised their earnings downwards for the upcoming period. For more insights like these, readers can visit InvestingPro's website here.
InvestingPro Tips also indicate that Kotak Mahindra Bank is a prominent player in the Banks industry, which aligns with Vaswani's plans to contribute significantly to India's economic growth. Despite some challenges, the bank has raised its dividend for 3 consecutive years and stockholders receive high returns on book equity. This information, along with 14 additional tips, can be found on InvestingPro's platform.
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