Srikrishnan Hari Hara Sarma resigned citing personal reasons, including his decision to relocate back to Mumbai.
The bank’s executive director, Sekhar Rao has also submitted his resignation citing inability to relocate to Mangaluru and other personal reasons. The resignation has been accepted by the board and will be effective from 31 July 2025.
Additionally, the board has approved the appointment of Raghavendra Srinivas Bhat as the chief operating officer (COO), effective from 2 July 2025.
The bank has formed a search committee to identify suitable candidates for the position of a new MD & CEO as well as a new executive director.
Karnataka Bank, a leading 'A' Class Scheduled Commercial Bank in India, was incorporated on 18th February 1924 at Mangaluru.
The Bank fell 3.90% to Rs 199.40 after the bank's net profit fell 7.97% year-on-year to Rs 252.37 crore in Q4 March 2025. The bank's total income rose 2.55% YoY to Rs 2,686.69 crore in Q4 FY25.