The private sector lender said in its annual report 2021-22 that CSB Bank will seek shareholders’ nod for the appointment of the board at the 101st Annual General Meeting (AGM) to be held on September 27, 2022.
He was appointed as interim MD and CEO for a period of three months with effect from April 1, 2022 and further extension from July 1 to September 30.
Mandal was promoted from the post of Chairman (Retail, SME, Operations and IT) with effect from February 17, 2022 to the post of Deputy Managing Director of South-based CSB Bank till February 16, 2025.
With almost 30 years of banking experience, before joining CSB Bank, he worked in . worked in
And standard Chartered Bankamong others.
Former MD and CEO CVR Rajendran stepped down in early retirement in March 2022 due to health problems.
Rajendran was instrumental in bringing in equity capital of Rs 1,208 crore into the bank from FIH Mauritius Investments Ltd (a subsidiary of Fairfax India Holdings Corporation) in 2019.
In addition, he led the bank through a successful initial public offering, which was subscribed 87 times.
The shares of CSB Bank were listed on the stock exchange on 4 December 2019.
FIH Mauritius Investment Limited (FIHM) holds 51 per cent stake in CSB Bank.
Since then, the lender has scripted a transformation story through a transformation journey apart from strengthening its leadership skills, human capital, risk management, credit appraisal process and rationalization.
Under Rajendran, the lender returned to profit in the first quarter of 2019-20 after several consecutive quarters of losses.
In 2021-22, the bank reported a 110 per cent growth in its net profit to Rs 459 crore as against Rs 218 crore in the previous year.
It also recorded net interest income of Rs 1,153 crore during the year, which crossed the Rs 1,000 crore mark for the first time in more than a century-old history.
Mondal in his message to shareholders said, “Our Bank has made progress on all performance parameters over the years. Despite the impact of ongoing challenges from COVID-19, the Bank performed very well in FY22 ”
Citing geopolitical conditions and rising inflation, he said the pace of monetary tightening by central banks and the overall global economic slowdown will have an impact on India’s economy as well.
“Inflationary trends and consequent rate hikes could lead to a reduction in spreads, if banks are not able to pass on the increase in cost of funds to borrowers given the competitive landscape in the banking ecosystem,” he said.
The lender, which opened 100 new branches in FY12, also plans to expand to northern and western states in the country, taking the total to 603 at the end of March 2022.