Diwanji brings over 30 years of expertise in consumer banking to Federal Bank. Previous to becoming a member of Federal Bank, he served as group president and head of consumer financial institution at Kotak Mahindra Bank.
His profession additionally contains important roles at Ford Credit score and A F Fergusion & Co. Moreover, Diwanji serves on the board of a number of firms as a non-govt director/unbiased director. He holds a grasp’s diploma in enterprise administration and a bachelor’s diploma in mechanical engineering.
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Diwanji’s huge expertise and confirmed monitor file within the banking sector is anticipated to bolster Federal Bank’s scale and development ambitions into new geographies and companies.
For the third quarter, the financial institution’s web revenue stood at ₹955.4 crore, down 5% yr-on-yr (YoY) from ₹1,006.7 crore and under the CNBC-TV18 ballot estimate of ₹1,022 crore. In the meantime, web curiosity revenue (NII) grew 14.5% YoY to a file excessive of ₹2,431.3 crore, surpassing the ballot estimate of ₹2,415 crore.
On the asset high quality entrance, the financial institution reported an enchancment with its gross NPA declining to ₹4,553.3 crore from ₹4,884.5 crore within the earlier quarter. The online NPA additionally dropped to ₹1,131.2 crore from ₹1,322.9 crore (QoQ).
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The gross NPA ratio improved to 1.95%, in comparison with 2.09% in Q2 FY24, whereas the online NPA ratio declined to 0.49%, from 0.57% within the prior quarter. In a inventory alternate submitting, the financial institution had referred to as this its finest asset high quality efficiency in over a decade.
(Edited by : Shoma Bhattacharjee)
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