IDFC, on Wednesday, said Deepak Parekh had stepped down as its Chairman and would be replaced by the current Managing Director and Chief Executive, Rajiv Lall.

“Mr. Parekh has relinquished his post as Chairman. The board has appointed Mr. Lall (55) as the Executive Chairman and Vikram Limaye as the Managing Director and CEO,” IDFC said in a statement.

Surge in net profit

Meanwhile, the company said its March quarter earnings saw 37 per cent surge in net profit at Rs.423 crore against Rs.308 crore in the corresponding period last year.

The company’s net interest income was up 10 per cent on year-on-year basis to Rs.643 crore, while non-interest income jumped by 171 per cent to Rs.363 crore, it said in a statement. Its interest margin for the entire fiscal dropped to 4.1 per cent from 4.3 per cent. — PTI