Private sector lender, Jammu & Kashmir Bank has announced the appointment of Mushtaq Ahamd as Chairman and Chief Executive Officer (CEO) of the bank with approval from Reserve Bank of India.

The bank had been seeking a new chairman from RBI after the sudden resignation of the former CEO, Haseeb Drabu.

The bank has reported a standalone rise in net profit by 24.18% on y-o-y basis to Rs 1.45 billion. The total income of the bank has also risen by 7.67% on y-o-y basis to Rs 9.59 billion for the first quarter of this fiscal.

Shares of bank declined Rs 7.3, or 0.93%, to settle at Rs 781.