AU Small Finance Bank gets RBI nod to reappoint Harun Rasid Khan as ‘part-time’ Chairman – CNBC TV18

AU Small Finance Bank has received approval from the Reserve Bank of India (RBI) for the reappointment of Harun Rasid Khan as its ‘Part-Time’ Chairman. The RBI granted approval for a further term of three years, effective from December 28, 2024.

A part-time chairman typically has other professional commitments alongside their chairmanship. They devote a portion of their time to the organization, attending board meetings, providing strategic guidance, and contributing to decision-making processes.

The reappointment of Harun Rasid Khan was initially communicated in October 2024, subject to RBI’s approval. The bank announced today that the RBI has formally granted the necessary clearance.

On the financial front, AU Small Finance Bank reported a robust 42% year-on-year increase in net profit for the second quarter ended September 30, 2024, amounting to ₹571 crore, compared to ₹402 crore in the same quarter last year.

This latest figure also reflects a 13.5% rise from the net profit of ₹503 crore recorded in the June 2024 quarter.

Total income for the quarter surged by 55% to ₹4,549 crore, up from ₹2,937 crore a year earlier. For the first half of the fiscal year, AU Small Finance Bank posted a net profit of ₹1,074 crore, representing a 36% increase from ₹789 crore during the same period last year.

Shares of AU Small Finance Bank closed 1.6% lower at ₹549.60 on Thursday, ahead of the announcement of the reappointment.

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