New Delhi, Jul 21 (PTI) Karur Vysya Bank on Tuesday announced that it has appointed Ramesh Babu Boddu as Managing Director and Chief Executive Officer.

In a regulatory filing Karur Vysya Bank said its board of directors in a meeting held on July 20, have co-opted Ramesh Babu Boddu as an additional director and appointed him as the MD and CEO of the bank for a period of three years.

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Boddu's three-year tenure is effective from the date of taking charge, on the terms and conditions approved by Reserve Bank of India, the filing said.

In January this year, Karur Vysya Bank had said that Managing Director and CEO P R Seshadri has resigned citing personal reasons.

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In June, the bank had reported a 39.5 per cent jump in net profit at Rs 83.70 crore for the quarter ended March 2020 on higher income from other sources. It had posted a net profit of Rs 60.02 crore during the corresponding period of 2018-19.

Income during the quarter under review rose to Rs 1,803.15 crore from Rs 1,746.04 crore in last quarter of 2018-19.

Shares of Karur Vysya Bank were trading at Rs 31.70 apiece on the BSE, up 0.79 per cent over its previous close.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)