Axis Bank has officially announced the re-appointment of Amitabh Chaudhry as its Managing Director and Chief Executive Officer for a new three-year term, effective from January 1, 2025, to December 31, 2027.
Key Points
Approval Timeline
- The re-appointment was approved by shareholders during the bank’s 30th Annual General Meeting in July.
- The final approval from the Reserve Bank of India (RBI) was granted on October 24, 2024.
Role and Contributions
- Chaudhry has been leading Axis Bank since 2019, following a successful nine-year tenure at HDFC Life.
- He has been instrumental in expanding the bank’s retail banking services and enhancing its digital capabilities.
- His leadership has strengthened Axis Bank’s market position in a competitive landscape.
Recent Financial Performance
- For the September 2024 quarter, Axis Bank reported an 18% year-on-year increase in net profit, totaling ₹6,917.57 crore.
- This growth is attributed to a rise in core lending income due to strong credit demand.
- Net interest income for the quarter reached ₹13,533 crore, reflecting a nearly 10% increase from ₹12,315 crore in the same period last year.
Stock Market Performance
- As of the latest update, Axis Bank’s stock price is ₹1,189.35, showing an increase of ₹22.00 (1.88%).
Market Context
- The bank’s performance aligns with broader trends in the banking sector, driven by increased demand for credit and financial services.
| Summary/Static | Details |
| Why in the news? | Axis Bank has officially announced the re-appointment of Amitabh Chaudhry as its Managing Director and Chief Executive Officer |
| Approval Timeline | – Shareholder approval at Axis Bank’s 30th AGM in July.
– RBI’s final approval on October 24, 2024. |
| Role and Contributions | – Leading Axis Bank since 2019.
– Expanded retail banking services and enhanced digital capabilities. – Strengthened market position. |
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