![Shyam Srinivasan, Federal Bank-1200](https://img.etimg.com/thumb/msid-109780527,width-300,height-225,imgsize-26696,resizemode-75/shyam-srinivasan-federal-bank-1200.jpg)
"We are looking at the best candidate for the job. The board is in the process of putting together recommendations with respect to the succession plan," a Federal Bank official said after the company reported its Q4 earnings on Thursday.
"The decision on the new MD & CEO will be taken in accordance with the timeline. The board is looking at both internal as well as external candidates," ETNow quoted the bank as saying.
Manian recently quit position of Joint MD at Kotak Mahindra Bank, having worked with the lender for close to three decades. In his resignation letter, Manian said he is "excited about his future professional options", without giving any details.
Manian was seen as the likely successor to Uday Kotak, who stepped down as Kotak Mahindra Bank's chief executive in September 2023. However, Ashok Vaswani, an external candidate, was chosen instead earlier this year.
ET had reported that Manian may take up Federal Bank's offer to join as the new chief, replacing Shyam Srinivasan, whose term ends in September 2024. The Reserve Bank of India refused to give Srinivasan a one-year extension.
Federal Bank Q4
Federal Bank reported its Q4FY24 earning and reported a net profit of Rs 906 crore, against profit estimate of Rs 938 crore.Its gross non-performing assets (GNPA) stood at 2.13 per cent while net NPA stood at 0.60 per cent.
Federal Bank March-quarter NIM was 3.21 per cent.
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