Poonawalla Fincorp rises on appointing Arvind Kapil as MD & CEO

Poonawalla Fincorp rose 1.58% to Rs 469.85 after its board approved the appointment of Arvind Kapil as managing director & chief executive officer (MD & CEO) of the company, for a period of five years effective from 24 June 2024.

Abhay Bhutada, the current MD of the company has taken an early retirement effective from close of business hour 23 June 2024, however he will continue as non-executive director on the board of Poonawalla Fincorp.

The company stated that it has appointed Arvind Kapil as an additional director in the capacity of MD & CEO based on the recommendation of the nomination and remuneration committee, subject to the approval of shareholders of the company.

Arvind Kapil serves as HDFC Banks Group Head overseeing the mortgage banking business with a book size of 7.5 lakh crore. Within this role, he is responsible for managing the entire home loans portfolio, loan against property (LAP), and HDFC Sales.

Kapil having an experience of over 25 years, spearheaded the retail lending franchise at the bank, which encompassed a diverse array of domains including unsecured loans, auto loans, two-wheeler loans, retail working capital loans, gold loan, loan against shares, home loans, microfinance, and business loans.

Arvind Kapils educational background includes Advanced Management Program from Harvard Business School; Masters Program in Management of Global Enterprises jointly from IIM Bangalore, UCLA Anderson, and SDA Bocconi, and City University; Masters in Management Studies from Bharati Vidyapeeth Institute of Management Studies and Research, and a Bachelor of Engineering (B.E.) from K. J. Somaiya College of Engineering, Mumbai.

Poonawalla Fincorp is a Cyrus Poonawalla group promoted non-deposit taking systemically important non-banking finance company (ND-SI-NBFC), registered with the Reserve Bank of India (RBI). The companys financial services offerings include pre-owned car finance, personal loans, loan to professionals, business loans, loan against property, supply chain finance, machinery loans, medical equipment loans and consumer loans.

The company reported 76% surge in net profit to Rs 265 crore on 49% jump in total income to Rs 774 crore in Q3 FY24 over in Q3 FY23.

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