Don't want to miss the best from Business Standard?
K Cherian Varghese, former chairman and managing director of Union Bank of India, Corporation Bank and South Indian Bank, has resigned from the directors board of Kochi-based Federal Bank.
Sources close to the developments told Business Standard he tendered his resignation last week. According to the sources, he was unhappy with the functioning of the bank and its performance in recent times. The bank posted a 44.5 per cent drop in net profit for the first quarter ended June at Rs 105.7 crore, on a sharp rise in provisions for bad loans and taxes. Its net profit in Q1 of 2012-13 was Rs 190.4 crore.
Sources close to the developments told Business Standard he tendered his resignation last week. According to the sources, he was unhappy with the functioning of the bank and its performance in recent times. The bank posted a 44.5 per cent drop in net profit for the first quarter ended June at Rs 105.7 crore, on a sharp rise in provisions for bad loans and taxes. Its net profit in Q1 of 2012-13 was Rs 190.4 crore.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%