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MD & CEO of Equitas Small Finance Bank quits citing desire to pursue other goals

By Ruchi Upadhyay 
Updated Date

New Delhi: Vasudevan Pathangi Narasimhan has been appointed as the Managing Director (MD) and Chief Executive Officer (CEO) of Equitas Small Finance Bank Limited (ESFBL) for a term of three years (July 23, 2022 to July 22, 2025). But today on Thursday he steps down from all his post citing desire to pursue other goals.

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“He now wants to pursue a distinct set of goals, which he believes, will help him contribute further back to society, more than what he is doing now,” the bank said in a regulatory filing.

Vasudevan is the founder of Equitas, which began its journey in 2007 starting off as a Micro Finance Institution and later converting into the bank in 2016.

“The Board in its meeting held today (May 19, 2022) has taken the letter on record and wishes to place on record its deep appreciation of the contribution made by Vasudevan over the years,” it added.

Further, the bank said that its board would be forming a search committee shortly to undertake process of identifying a successor. Vasudevan would continue as MD & CEO till the succession and transition process is completed, it added.

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Post the transition, the Board desires that he may be associated with the bank in any other capacity, as permissible under applicable statute and regulations.

In his letter of resignation, Vasudevan concluded, “My over 18000 colleagues are part of my family. I have tried to do my best for them. I have received unbounded love and affection from them. I have met most of my colleagues and cherish the extreme warmth and caring they have shown to me in those interactions, however much I may have been underserving, of the same. I reach out to every one of our colleagues to understand and support me in my journey towards contributing more to the society we all live in. I am sure we will continue to build Equitas as a world class organization in the coming years.”

Shares of Equitas SFB closed 0.13 per cent higher at Rs 115.95 apiece on BSE.

Meanwhile, Equitas Small Finance Bank had earlier reported almost flat growth in its net profit at Rs 120 crore for the quarter ended March 2022. It had posted a net profit of Rs 113 crore in the same quarter a year ago.

Total income in Q4 FY22 rose to Rs 1,044 crore as against Rs 997 crore in the same quarter of FY21, Equitas SFB said in a regulatory filing.

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Net interest income stood at Rs 552 crore, up from Rs 449 crore in Q4 FY21. Net interest margin (NIM) stood at 9.12 per cent.

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