DCB Bank jumps 2.30 per cent in afternoon trade; lender appoints new CFO

Mumbai (Maharashtra) [India], June 2 : During the afternoon trade on Friday, the shares of DCB Bank went up 2.30 per cent to Rs 122.20 apiece on the back of a change in top management and strong quarterly earnings.

In a span of five days, the shares surged 2.30 per cent and 11.45 per cent over a period of one month, according to data available on BSE.

The Mumbai-headquartered lender on Friday said the board of directors approved the appointment of Ravi Kumar as the chief financial officer (CFO) and key managerial personnel (KMP) of the bank with effect from June 8.

According to a statement shared with stock exchanges, Ravi Kumar is a fellow member of the Institute of Chartered Accountants of India and a Certified Information Systems Auditor. Ravi has held key positions over a career span of 27 years in national and international roles across finance, audits, and operations.

He joined DCB Bank in the year 2009 as a chief internal auditor and also served as chief operating officer for branch banking and head of operations and key projects.

He was instrumental in building quality teams and strengthening the units. He sincerely leveraging technology to bring about a paradigm shift in every function.

Prior to DCB Bank, he worked for Samba Financial Group (previously Citibank) at Riyadh and Qatar as chief financial officer and programme director in Audit.

On May 5, the board of directors at its meeting held on May 5, 2023, had recommended a final dividend of Rs 1.25 per equity share of Rs 10 each of the bank, subject to the approval of the members at the ensuing annual general meeting (AGM) of the lender. "This is to inform you that the record date for determining the eligibility of Members entitled to receive a dividend on equity shares is Thursday, June 15, 2023," it added.

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