Bandhan Bank CFO & KMP Sunil Samdani resigns

Posted on by

Bandhan BankChief Financial Officer (CFO) and Chief Administrative Personnel (KMP), Sunil Samdani, resigned on July 3 to “explore professional opportunities outside the bank”. The bank said in a notice to the exchanges on Tuesday that its last working day as CFO and KMP for the bank will be Sept. 30, 2023.

“The bank is in the process of identifying a suitable candidate for the position of Chief Financial Officer and KMP, and the said appointment will be communicated to the exchanges in due course,” Bandhan Bank said in the notice.

Samdani has been associated with Bandhan Bank since obtaining its banking license and commenced operations in 2015 and has been serving as CFO since then.

“I would like to inform you with a heavy heart that I would like to tender my resignation today, on 3rd July 2023, from the position of Chief Executive Officer, Chief Financial Officer and as Key Managing Person (KMP) of Bandhan Bank Ltd to take up a last chance position. This was the hardest decision of my career as I set up this institution since The beginning.

Work boom

Bandhan Bank saw an improvement of 200 basis points in collection efficiency (excluding non-performing assets) by 98 per cent during the quarter ended 30 June 2023, compared to 96 per cent in the same period last year.

The bank said in preliminary disclosures to the exchanges that collection efficiency under EEB (Emerging Entrepreneurs Business) improved from 94 percent in June 2022 to 98 percent in June 2023.

She added that the numbers are temporary, unaudited numbers, and are subject to review by the audit committee and the board of directors, and are subject to limited review by the bank’s statutory auditors.

Advances grew by seven per cent year-on-year at ₹1,03,169 crore as on 30 June 2023, as against ₹96,650 crore in the same period last year.

Total deposits grew by around 17 per cent at Rs.1,08,479 crore during the quarter as against Rs.93,057 crore during the same period last year. Current and savings account deposits decreased by around three per cent to Rs. 39,076 crore (Rs. 40,195 crore). Combined deposits grew by 55 per cent to Rs. 31,240 crore (Rs. 20,107 crore).

The retail share of total deposits also decreased to 71.2 percent (78.4 percent) year-on-year, while the share of current and savings accounts fell to 36 percent (43.2 percent).

The bank’s stock closed at $231.25, down 1.78 percent on BSE on Tuesday.