IDFC FIRST Bank announced that the Reserve Bank of India (RBI) has greenlit the appointment of Pradeep Natarajan as a Whole Time Director on its Board. In a regulatory filing on Thursday, the private sector lender stated, “RBI…has granted approval for the appointment of Pradeep Natarajan as a Whole Time Director, with the title of Executive Director, for a term of three years.”
The bank assured that it would undertake all necessary procedures to finalise Natarajan’s appointment as an Executive Director. However, it emphasized that shareholder approval is requisite for the appointment.
IDFC FIRST Bank disclosed a net profit of Rs 724 crore for the fourth quarter concluded in March 2024. As of March 31, 2024, the bank’s gross Non-Performing Assets (NPAs) decreased to 1.88 per cent of gross advances, down from 2.51 per cent in March 2023. Furthermore, net NPAs decreased to 0.60 per cent of advances, compared to 0.86 per cent at the close of 2024.