IDBI Bank announced on Monday that Jayakumar Subramonia Pillai has been appointed as the bank’s Deputy Managing Director, effective June 12, 2023. On May 22, the Board approved the appointment of Jayakumar Subramonia Pillai as Deputy MD for a three-year term.
IDBI Bank employs two deputy managing directors. Suresh Khatanhar currently holds one of the positions, while Samuel Joseph Jebaraj will join the National Bank for Financing Infrastructure and Development (NaBFID) as Deputy Managing Director (Lending & Project Finance) in early April 2023.
Prior to joining IDBI Bank, Pillai was Chief General Manager and Circle Head at Canara Bank in Mumbai. He has 32 years of experience working for a public sector bank. He has led branches at various scales and in various geographies. He has extensive experience in branch banking, retail resource mobilisation, and credit delivery in industries such as retail, agriculture, MSME, and recovery. He also spent over four years as the Chief Executive of Canara Bank‘s UK operations, gaining experience in international banking.
IDBI Bank released its fiscal fourth quarter results earlier this month, reporting a net profit increase of 64% year on year due to growth in net interest income (NII). In January-March, the bank’s profit was Rs 1,133 crore, a 22% increase from the previous quarter. Net interest income, defined as the difference between interest earned and interest expended, increased 35% year on year to Rs 3,280 crore in the quarter under review. On a sequential basis, it increased by 12%.
