Equitas SFB appoints Balaji Nuthalapadi as interim CEO

Equitas Small Finance Bank announced that its board has approved the appointment of Balaji Nuthalapadi as the interim chief executive officer (CEO) of the bank, following the resignation of P. N. Vasudevan as managing director and CEO.

Nuthalapadi's appointment will take effect from the date of approval by the Reserve Bank of India (RBI) or such other date as may be stipulated by the central bank.

The board has also initiated the process of identifying a successor to Vasudevan and will submit its recommendation to the RBI in accordance with applicable regulations.

Nuthalapadi holds a post-graduate degree from the Indian Institute of Management (IIM), Ahmedabad, and brings over 28 years of experience with Citi. He assumed charge as Head of South Asia Operations and Technology (O&T) in May 2021. In his most recent assignment, beginning September 2024, he served as Managing Director and Head of Centralized Controls Testing Execution at Citi.

His professional experience spans Global Capability Centre leadership, operations and technology, profit and loss (P&L) management, sales and wealth management, banking products, business reengineering, retail asset sales and relationship management.

Equitas Small Finance Bank is among India's largest small finance banks, offering banking products and services to underserved individuals, affluent customers, small and medium enterprises, and corporates.

The bank's profit after tax surged 803.23% year-on-year and 18.75% quarter-on-quarter to Rs 218.04 crore in Q2 FY27, compared with Rs 24.14 crore in Q2 FY26 and Rs 183.61 crore in Q1 FY27. Total income increased 27.69% year-on-year and 6.41% sequentially to Rs 2,357.51 crore. Net interest income rose 32.58% year-on-year to Rs 1,025.72 crore.

Shares of Equitas Small Finance Bank declined 2.10% to settle at Rs 52.65 on the BSE.

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