Former Kotak Mahindra Bank executive KVS Manian has taken over as the managing director and chief executive officer of Ernakulam-based Federal Bank, which counts International Finance Corporation and Rekha Jhunjhunwala among its investors.
Manian is succeeding Shyam Srinivasan, who stepped down after a 14-year tenure.
In his previous role, Manian served as the joint managing director of Kotak Mahindra Bank. There, he spearheaded the corporate, institutional, and investment banking sectors, along with wealth management. During his tenure, Manian played a key role in bank’s transformation from a Non-Banking Financial Company (NBFC) to one of India’s leading private sector banks.
“Federal Bank is confident that Manian’s extensive experience and visionary leadership will drive the Bank to new heights of success,” the bank said in a press release.
The net profit of Federal Bank rose nearly 18.3% year-on-year to Rs 1,010 crore in April-June. Its net interest income, which is the difference between interest earned and expended, rose 19.5% to nearly Rs 2,292 crore in the quarter under review. This was aided by a growth in the company’s net advances.
On the asset side, the company’s net advances rose to Rs 2.2 trillion as on June 30 from Rs 1.8 trillion a year ago.