Bandhan Bank adds over 13% in four days

Bandhan Bank rose 2.10% to Rs 349.95, extending gains for fourth day.

The stock has added 13.11% in four sessions from its recent closing low of Rs 309.40 on 29 January 2021.

In a BSE filing made after market hours yesterday, Bandhan Bank said that Sudhin Choksey, aged 67 years, Head of The Housing Finance vertical of Bandhan Bank, would be retiring effective 15 February 2021. Suresh Iyer, currently Head of Operations (Housing Finance) will succeed Sudhin Choksey as the Head- Housing Finance, Bandhan Bank.

Chandra Shekhar Ghosh, Managing Director and Chief Executive Officer, Bandhan Bank, said: "Mr. Choksey was instrumental in building a high-quality housing finance business in GRUH Finance, which was then seamlessly integrated under his close supervision into Bandhan Bank. We are grateful for his contributions and wish him best of health and happiness post retirement."

The acquisition of GRUH Finance by Bandhan Bank was announced in January 2019 and the merger was completed in October 2019. Prior to the acquisition, Choksey served as the Managing Director of GRUH Finance. Suresh Iyer has been with GRUH Finance since 1997.

Meanwhile, Bandhan Bank has reportedly appointed Arvind Singla as Executive President and Head - Operations & Technology. He was Director & Head - Consumer Operations at Citibank.

Bandhan Bank operates as a commercial micro finance bank. Its banking outlets as on 31 December 2020, stood at 5,197.

The bank reported a 13.4% fall in net profit to Rs 632.59 crore on a 25.5% rise in total income to Rs 3861.12 crore in Q3 December 2020 over Q3 December 2019.

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