Equitas Small Finance Bank's President-Finance Resigns Amid Strong Financial Growth

Equitas Small Finance Bank (ESFB) announced the resignation of Manish Agrawal, its President-Finance, effective November 28, 2025. The bank informed the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) about this senior management change, adhering to SEBI listing regulations.

Resignation Details

Manish Agrawal tendered his resignation citing personal reasons. The bank's statement to the stock exchanges noted that his departure would be effective from the close of business hours on November 28, 2025. This change in the top finance leadership comes at a time when the bank has been showing robust financial growth.

Financial Performance

While the resignation of a key finance executive might raise questions, a look at Equitas Small Finance Bank's recent financial data suggests the institution is on solid footing. The bank's balance sheet as of March 2025 shows significant growth across various financial metrics compared to previous years.

Key Financial Highlights

Metric	March 2025 (₹ Crore)	YoY Change	5-Year Change
Total Assets	52,835.60	16.62%	113.84%
Current Assets	6,408.60	43.37%	67.91%
Investments	9,288.70	2.46%	150.69%
Total Equity	6,072.50	1.74%	78.80%
Reserve & Surplus	4,932.70	2.05%	118.54%

The bank's total assets have more than doubled over the past five years, growing from ₹24,708.5 crore in March 2021 to ₹52,835.60 crore in March 2025, representing a 113.84% increase. This growth trajectory is mirrored in other key areas:

Current assets saw a significant year-over-year increase of 43.37%, reaching ₹6,408.60 crore.
Investments grew by 150.69% over five years, standing at ₹9,288.70 crore in March 2025.
The bank's equity position strengthened, with total equity increasing by 78.80% over five years to ₹6,072.50 crore.
Reserves and surplus showed substantial growth, increasing by 118.54% over five years to ₹4,932.70 crore.

Implications and Outlook

While the departure of a senior finance executive can often be seen as a cause for concern, Equitas Small Finance Bank's strong financial performance suggests that the institution is well-positioned to manage this transition. The consistent growth across key financial metrics over the past five years indicates a robust financial foundation.

As the bank moves forward, the focus will likely be on ensuring a smooth transition in its finance leadership. The strong financial position should provide a stable base for the incoming finance head to build upon and continue the bank's growth trajectory.

Investors and stakeholders will be watching closely to see how this change in leadership might impact the bank's financial strategies and performance in the coming quarters. However, based on the current financial data, Equitas Small Finance Bank appears to be in a strong position to navigate this transition effectively.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-2.21%	+0.28%	+6.49%	+0.44%	+2.62%	+84.37%

Equitas Small Finance Bank Limited (ESFBL), one of India's largest small finance banks, has announced a significant addition to its leadership team. The bank has appointed Manish Agrawal to the position of President – Finance, a move that underscores its commitment to strengthening its financial stewardship and enhancing its strategic capabilities.

Key Appointment Details

Position	Appointee	Qualification	Experience
President - Finance	Manish Agrawal	Chartered Accountant	Over 27 years post-qualification

Expertise and Role

Mr. Agrawal brings a wealth of experience to ESFBL, with more than two decades dedicated to the banking sector. His areas of expertise include:

Financial Reporting
Financial Controls
Management Reporting
Regulatory Reporting
Budgeting
IT initiatives

In his new role, Mr. Agrawal will focus on strengthening the bank's financial strategy, governance, and reporting mechanisms. His appointment is expected to play a crucial role in supporting ESFBL's long-term growth objectives and digital transformation agenda.

Previous Experience

Prior to joining Equitas Small Finance Bank, Mr. Agrawal held a significant position at Kotak Mahindra Bank, where he served as the Head of Bank Finance Function for both the bank and its consolidated group. His professional journey also includes valuable stints with ING Vysya Bank and PwC, further enriching his banking and financial sector expertise.

Leadership's Perspective

Commenting on the appointment, Mr. Vasudevan P N, MD & CEO of Equitas Small Finance Bank Limited, expressed enthusiasm about Mr. Agrawal joining the leadership team. He highlighted the value of Mr. Agrawal's extensive experience in finance, strategic planning, and regulatory compliance, viewing it as a significant asset for the bank's future growth.

Strategic Implications

This strategic appointment reflects Equitas Small Finance Bank's commitment to:

Enhancing its digital capabilities
Strengthening financial and operational excellence
Maintaining a customer-centric approach to financial services

The bank aims to leverage Mr. Agrawal's expertise to accelerate its growth trajectory and solidify its position as a trusted and progressive financial institution in India's evolving banking landscape.

As Equitas Small Finance Bank continues to focus on providing credit to unbanked and underbanked micro and small entrepreneurs, Mr. Agrawal's insights and leadership in finance are expected to play a pivotal role in shaping the bank's future strategies and operations.