Federal Bank on Friday appointed Rajesh Varrier as an independent director on its board for three years. The bank also reported a 45% rise in net profit to Rs 1,386 crore for the September quarter. Chief executive KVS Manian said, "We are growing faster while keeping the quality intact."

Federal Bank has appointed Rajesh Varrier as a non-executive independent director on its board. This decision follows the announcement of the bank's impressive financial results for the September quarter. Varrier previously served as president of global operations at Cognizant and brings extensive management experience. The bank reported a significant rise in net profit and net interest income in comparison to last year.

Bengaluru: Federal Bank on Friday appointed Rajesh Varrier, president of global operations at Cognizant, as an additional director (non-executive independent) on its board for three years, with immediate effect. The appointment comes as the Blackstone-backed lender announced its September quarter results.

Shareholders will need to approve the appointment at the next general meeting or within three months, whichever is earlier, under SEBI listing rules, the company said in a stock exchange filing.

The South Indian Bank's net profit rose 45% to Rs 1,386 crore in the September quarter, from Rs 952 crore a year ago. Net interest income rose 26.4% to Rs 3,153 crore from Rs 2,495 crore.

The bank said Varrier is not related to any of its directors. Varrier is also chairman and managing director of Cognizant India. He leads the company's software engineering group and operational model globally.

He joined Cognizant in September 2024 from Infosys, where he was head of global services and Infosys Americas. He was earlier chief information and digital officer at Aditya Birla Sun Life Insurance.

Total revenue of the bank rose 18% to Rs 9,211 crore from Rs 7,824 crore. Total expenditure rose to Rs 6,945 crore from Rs 6,180 crore, while operating expenses rose to Rs 2,418 crore from Rs 1,933 crore.

"This quarter marks several milestones for the Bank: our highest-ever profit," said chief executive KVS Manian in the statement. He said the bank's total business franchise has crossed Rs 6.4 lakh crore, with advances above Rs 3 lakh crore.

Gross and net NPAs are at their lowest in a decade, slippages are down 27% and provision coverage stands at 87%, the bank said. "We are growing faster while keeping the quality of the book intact," Manian said.

Federal Bank shares closed at Rs 337, up 0.60%, on Friday.