IDBI Bank loses another executive

IDBI Bank has lost one more senior executive amid uncertainty over parent Industrial Development Bank of India's plan to convert into a bank.

Hemant Pardikar, regional head, corporate banking, IDBI Bank, will be joining IndusInd Bank as senior vice-president and head credit. R Narsimhan, regional head (south) at IDBI Bank, will fill in Pardikar's post, said G V Nageshwar Rao, managing director, IDBI Bank.

Recently G Venkatraman, vice-president, retail banking, Ramana Rao, head syndication, Supratik Gupta, head of retail credit, Shameek Bhargava, head alternative channels & card products, and Shalaka Gadekar, head of human resource development, left the bank.

Gupta has also moved for an assignment in Gulf. Bhargava is likely to join Euronet India, said a senior official with the bank. Gadekar has joined Centurion Bank as human resource head.

IDBI Bank is in the process of hiring Rajan Ghotgalkar, currently with National Bank of Dubai in UAE, as its retail head. He would be taking charge on July 26, sources familiar with the development said.

Ghotgalkar will succeed Ajay Bhimbet, who moved to Abu Dhabi Commercial Bank. Rao, however, declined to comment on the issue.

IDBI Bank in the quarter ended June 2004 posted a 64 per cent growth in its net profit to Rs 36.7 crore against a net profit of Rs 22.3 crore in the corresponding quarter last year. Fee-based income registered a growth of 29.6 per cent to Rs 47.7 crore against Rs 36.8 crore in the same period last year.

The capital adequacy ratio of the bank stands at 9.9 per cent against 8.2 per cent. Its non performing assets dipped to 0.2 per cent against 0.4 per cent.