Amitabh Chaudhry Re-Appointed as MD and CEO of Axis Bank by RBI

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.