Manappuram Finance CEO resigns, to continue till December
What's the story
Deepak Reddy, the Chief Executive Officer (CEO) of Manappuram Finance Ltd, has resigned from his position. The second-largest pure-play gold loan non-banking financial company (NBFC) in India announced his resignation through a regulatory filing on Friday. Reddy submitted his resignation via email, citing personal and professional interests as reasons for stepping down.
Transition
Reddy will be on garden leave during transition period
Manappuram Finance has stated that Reddy will continue to serve in his capacity until December 31, 2026. He will be on garden leave during this transition period. The company clarified that the date of cessation of his employment with them would be December 31, 2026. This announcement comes after Reddy had earlier announced a medical leave starting February 25, to go abroad for treatment.
Finance
Manappuram Finance reports ₹404cr consolidated net profit
In its latest financial report, Manappuram Finance Ltd posted a consolidated net profit of ₹404 crore for the fourth quarter. This is a significant improvement from the loss of ₹191 crore in the same quarter last year. The company's net interest income also saw a year-on-year increase of 2.6% to ₹1,504.3 crore from ₹1,465.6 crore earlier.