HDFC deputy MD Kaizad Bharucha announces exit ahead of Anup Bagchi's takeover as CEO

HDFC Bank Deputy Managing Director Kaizad Bharucha has resigned from the country's largest private sector lender, with his exit scheduled for December 31, the bank said in an exchange filing on Saturday.

Bharucha, who joined the bank in 1995, had requested cessation from service with effect from December 31, reported PTI. The bank's board has accepted his request and decided to forward it to the Reserve Bank of India (RBI) for approval.

The development comes days before Anup Bagchi, a veteran of the ICICI Group, takes over as HDFC Bank's Managing Director and Chief Executive Officer on October 27. Bharucha was reportedly among those in contention for elevation to the top post.

The announcement comes as HDFC Bank reported a rise in profitability for the July-September quarter. Its consolidated net profit increased 5.55 per cent year-on-year to Rs 20,700 crore, compared with Rs 19,611 crore in the corresponding quarter last year. On a standalone basis, net profit grew 4.7 per cent to Rs 19,510 crore.

Total income rose to Rs 97,258 crore from Rs 91,040 crore a year earlier, while total expenditure increased to Rs 67,774 crore from Rs 63,117 crore. The bank's provisions and contingencies edged up to Rs 3,573.62 crore from Rs 3,500 crore in the year-ago quarter.

HDFC Bank said profit after tax, excluding treasury performance, grew 12.6 per cent year-on-year. Asset quality improved during the quarter, with the gross non-performing assets (GNPA) ratio declining to 1.11 per cent as of September 30, from 1.17 per cent in the preceding quarter and 1.24 per cent a year earlier. The bank's overall capital adequacy ratio stood at 18.9 per cent at the end of September, compared with 20 per cent a year ago.