Sashidhar Jagdishan has taken charge as managing director and chief executive officer of HDFC Bank, succeeding Aditya Puri, who retired on Monday after an illustrious career spanning 26 years. Mr Jagdishan has been appointed for a period of three years. Mr Puri retired from HDFC Bank at the end of business hours on October 26, upon reaching 70 years of age, in accordance with the tenure approved by the Reserve Bank of India.
"Mr. Sashidhar Jagdishan shall take charge as the Managing Director and Chief Executive Officer of the bank with effect from October 27, 2020. Mr. Jagdishan has been a part of the bank since 1996 and played a critical role in supporting the growth trajectory of the Bank," HDFC Bank said in a regulatory filing,
Mr Jagdishan has an overall experience of 29 years. He joined HDFC Bank in 1996 as a manager in the finance function, became business head-finance in 1999 and was appointed chief financial officer in 2008.
Mr Jagdishan has played a critical role in supporting the growth trajectory of HDFC Bank. He was heading the functions of finance, human resources, legal and secretarial, administration, infrastructure, corporate communications and corporate social responsibility, prior to his appointment at the helm.
The new chief of HDFC Bank is a science major with specialization in physics. He is a chartered accountant by profession and holds a Master's degree in economics of money, banking and finance.
Mr Jagdishan will encounter the challenge of maintaining HDFC Bank's relatively high asset quality and loan growth amid the coronavirus pandemic.
Meanwhile, on October 17, HDFC Bank reported a net profit of Rs 7,513.11 crore in the quarter ended September 30, marking an increase of 18.41 per cent compared to the corresponding period a year ago. HDFC Bank said its total income increased 6.86 per cent to Rs 36,069.42 crore in the second quarter of current financial year, from Rs 33,755 crore in the year-ago period.
The shares of HDFC Bank gained over 1 per cent at Rs 1,217 in early trading. At 12:25 pm, the bank's shares were trading at Rs 1,217, up 0.3 per cent on the BSE, as against the BSE Sensex's gains of 0.5 per cent.