IDBI Bank on Monday announced that Jayakumar Subramonia Pillai has taken charge as Deputy Managing Director of the bank with effect from June 12, 2023. The Board had approved the appointment of Jayakumar Subramonia Pillai as the Deputy MD on May 22 for a period of three years.
IDBI Bank has two deputy managing director positions. One of the positions is being held by Suresh Khatanhar, the other deputy MD, Samuel Joseph Jebaraj, had moved to the National Bank for Financing Infrastructure and Development (NaBFID) as Deputy Managing DIrector (Lending & Project Finance) in early April 2023.
Who is Jayakumar Subramonia Pillai?
Prior to IDBI Bank, Pillai was working as Chief General Manager and Circle Head in Canara Bank, Mumbai. He has about 32 years of experience in the public sector bank and has headed branches in various scaled across different geographies and has rich experience in branch banking, mobilization of retail resources, credit delivery in sectors like retail, agriculture, MSME and recovery. He has also worked as Chief Executive of Canara Bank’s UK operations for over 4 years and gained experience in international banking.
Earlier in April, IDBI Bank posted its fiscal fourth quarter results and reported a net profit increase of 64 per cent on-year due to growth in its net interest income (NII). The bank posted a bottom-line of Rs 1,133 crore in January-March, up 22 per cent quarter-on-quarter. Net interest income, the difference between interest earned and interest expended, rose 35 per cent on-year to Rs 3,280 crore in the quarter under review. It rose 12 per cent on a sequential basis.