Federal Bank gains as RBI allows reappointment of Srinivasan
Federal Bank rose 2.11% to Rs 53.15 after the Reserve Bank of India (RBI) approved the reappointment of Shyam Srinivasan as the MD & CEO of the Bank till 22 September 2021.
Srinivasan's current term at the bank ends on 23 September 2020. The announcement was made before market hours today.
The bank's net profit rose 4.3% to Rs 400.77 crore on 8.61% increase in total income to Rs 3932.52 crore in Q1 June 2020 over Q1 June 2019.
Federal Bank operates through four segments: treasury, corporate or wholesale banking, retail banking and other banking operations. The bank has 1263 branches, 1936 ATMs/Recyclers as on 30 June 2020.
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