Kotak Mahindra Bank has announced that Ashok Vaswani will succeed founder Uday Kotak as the chief executive officer (CEO) and managing director (MD) of the private lender. Last week, the Reserve Bank of India had given its nod to Vaswani’s appointment. Besides, the private sector lender also released its second quarter earnings report, which showed that its profit grew 24% year-on-year on the back of improvement in net interest income and lower bad loans.

Following the Q2 report, Kotak Mahindra Bank shares opened marginally higher at ₹1,772 against Friday’s closing price of ₹1,769.55 on the BSE. Paring opening gains, the banking heavyweight declined as much as 2.65% to hit a low of ₹1,722.50, while the market capitalisation dipped to ₹3.44 lakh crore.

The shares of Kotak Mahindra Bank trade 16.5% lower than its 52-week high and nearly 5% higher than its 52-week low level. The counter touched its 52-week high level of ₹2,063 on May 31, 2023 and its 52-week low of ₹1,644.20 on March 14, 2023.

Kotak Mahindra Bank released its September quarter earnings on Saturday, registering a 24% growth in its standalone net profit to ₹3,191 crore as compared to ₹2,581 crore in the same quarter of the previous fiscal year.