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(Photo: Mint)
(Photo: Mint)

Indiabulls Housing Fin appoints former MD & CEO of Bank of India as an independent director

'Dinabandhu Mohapatra is a seasoned and committed banker, with a distinguished career spanning over three decades,' says Indiabulls Housing Finance

New Delhi: Indiabulls Housing Finance’s Board on Saturday approved appointment of Dinabandhu Mohapatra as an independent director of the company for three years, with effect from 23 November.

"Dinabandhu Mohapatra, former MD & CEO, Bank of India, is a seasoned and committed banker, with a distinguished career spanning over three decades, during which he held various high level positions, including Executive Director of Canara Bank and Chief Executive Officer of Hong Kong and Singapore Centres of Bank of India. Mohapatra has vast knowledge and multi - dimensional banking experience including Treasury Operations, International Banking, Priority Sector Lending, Corporate Lending, Marketing, Recovery, Human Resources," said the company in a stock exchange filing.

Mohapatra, a post-graduate in Economics and a graduate in law, had joined Bank of India as a Direct Recruit Officer in 1984.

"During his career spanning over three decades at Bank of India, he has headed various Branches, Departments, Zones and National Banking Groups in Eastern, Western, Northern and Southern parts of the country. As Executive Director of Canara Bank, he was overseeing International Operations, Overseas Credit, Strategic Planning & Development (including Economic Intelligence & BPR), Retail Resources, Marketing, Selling & Cross-selling, Government Business and Fee Income Vertical, Corporate Credit, PAG & Syndication, CDR & Stressed Accounts, Financial Management & Subsidiaries," added Indiabulls Housing Finance.

The company said Mohapatra does not hold any shares in the company and is not related to any other director of the company.

"Presently, he is not on the Board of any other company. Mr. Mohapatra is not debarred from holding the office of director by virtue of any order passed by SEBI or any other such authority," said Indiabulls Housing Finance.

Indiabulls Housing Finance on Wednesday reported nearly 54 per cent decline in its consolidated net profit to 323.20 crore for the second quarter ended September 30.

Earlier this month, the company had posted a net profit of 702.18 crore in the corresponding quarter of the previous financial year.

Compared sequentially, the company's net profit was higher by 18.5 per cent, from 272.84 crore in the preceding quarter ended June.

Its total income fell 25.9 per cent to 2,581 crore during July-September 2020 as compared with 3,481.40 crore in the year-ago period, Indiabulls Housing Finance said in a regulatory filing.

On the standalone basis, the net profit in the September 2020 quarter declined 53.85 per cent to 235.37 crore, against 510.09 crore a year ago.

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