IndusInd Bank appoints new top management, Mallareddy, Sankaran as EDs
This story was originally published at 21:54 IST on 24 April 2026
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NEW DELHI – The Board of IndusInd Bank Ltd. Friday approved the appointment of Jagdeep Mallareddy and Ganesh Sankaran as executive directors, the lender said in an exchange filing. Sankaran leads the bank's wholesale banking group, while Mallareddy heads the consumer banking business. "Both bring with them extensive experience in their respective domains and have been closely involved in driving the bank's key business priorities," IndusInd Bank said in a press release.
Their appointment is for a period of three years, with effect from Friday, subject to the approval of the shareholders of the bank. Their appointment in key managerial positions comes at a crucial time when the bank's business, both on the lending and the deposits side, continues to perform poorly. IndusInd Bank's net advances fell over 8% on year to INR 3.16 trillion as of Mar. 31, and deposits declined nearly 3% to INR 4 trillion.
The board also approved the appointment of Nilesh Shivji Vikamsey and Ravindra Babu Garikipati as non-executive independent directors of the bank for four years up to Apr. 23, 2030.
Earlier in the day, the large private sector bank announced its financial results for the March quarter. It reported a net profit of INR 5.33 billion, sharply higher than analysts' expectations of INR 3.15 billion. Sequentially, the net profit was more than three times the quarter-ago figure, registering the sharpest rise in 27 quarters, according to data available with Informist. IndusInd Bank had reported a rare quarterly loss of INR 22.36 billion in the March quarter last year, following discrepancies in the bank's derivatives portfolio accounting.
Shares of the company closed at INR 847.95 on the National Stock Exchange Friday, down 1.4% from the previous close. End
Reported by Priyasmita Dutta
Edited by Deepshikha Bhardwaj
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