Kotak Mahindra Bank said its MD and CEO, Ashok Vaswani, will quit upon completion of his three-year tenure and will not seek re-appointment when his current term ends on December 31, 2026.
Veteran banker Vaswani assumed charge as the bank’s managing director (MD) and CEO on January 1, 2024. He had previously worked with Barclays and Citigroup.
Ashok Vaswani, Managing Director & CEO of the bank, has informed the board that, for personal reasons, he does not wish to seek re-appointment upon completion of his current term on December 31, 2026, Kotak Mahindra Bank said in a regulatory filing.
Kotak Mahindra Bank to begin search for new MD
As Vaswani announces his departure, Kotak Mahindra Bank has also begun the search for a new Managing Director and Chief Executive Officer.
“The board has, at its meeting held today, respected his decision and has initiated the process for the appointment of a new Managing Director & CEO. The process will be completed within applicable regulatory timelines,” the Bank said in the regulatory filing.
Vaswani replaced Dipak Gupta, who had served as interim MD and CEO, following founder-director Uday Kotak’s sudden stepping down as the bank’s head, effective September 1, 2023. This was full four months ahead of his scheduled retirement on December 31.
Kotak Mahindra Bank Q4 numbers
For the quarter ended March 2026, Kotak Mahindra Bank reported a 10 percent rise in consolidated net profit at Rs 5,423 crore as against Rs 4,933 crore in the same period a year ago.
On a standalone basis, it reported a 13 percent year-on-year rise in net profit at Rs 4,027 crore.
Core net interest income of the bank increased 8 percent to Rs 7,876 crore from Rs 7,284 crore a year ago.