Indian Overseas Bank (IOB) has announced the appointment of Madhaw Chandra Jha as its new Chief Financial Officer (CFO), effective from March 1, 2025. The decision was approved by the bank’s board, following the retirement of S P Mahesh Kumar, the current General Manager & CFO, who is set to superannuate on February 28, 2025.
Experienced Professional to Lead Financial Operations
Madhaw Chandra Jha is a qualified Chartered Accountant with nearly two decades of experience in accounting and finance. He has been with Indian Overseas Bank for the last 19 years, handling various financial operations, including the preparation of financial statements, regulatory compliance, and coordination with statutory auditors. He has also worked in specialized areas such as IndAS (Indian Accounting Standards).
To enhance his leadership and financial expertise, Jha has undergone several management development programs from prestigious institutions like Indian School of Business (ISB), Reserve Bank of India (RBI), Centre for Advanced Banking (CAB), and Administrative Staff College of India (ASCI).
IOB Reports Strong Q3 FY25 Performance
Indian Overseas Bank, a key player in the banking and financial services sector, recently reported a 20.91% rise in net profit for Q3 FY25, reaching ₹873.66 crore. The bank’s total income also increased by 13.07% to ₹8,409.3 crore, compared to the same period last year.
Despite the positive financial results, IOB’s share price declined by 2.10%, closing at ₹45.17 on Tuesday, February 18, 2025.
With Jha taking over as CFO, the bank is expected to continue focusing on financial stability and regulatory compliance, ensuring sustainable growth in the coming quarters.
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