Private lender Axis Bank’s board on Thursday approved the re-appointment of Amitabh Chaudhry as the Managing Director & Chief Executive Officer of the company for another three years, it said in a stock exchange filing.
Chaudhry’s reappointment is subject to the approval of the Reserve Bank of India, it said. Post the central bank nod, Chaudhry would serve as the MD & CEO of Axis Bank for another three years with effect from January 1, 2025 up to December 31, 2027.
Chaudhry, 59, joined Axis Bank as its MD & CEO w.e.f. January 1, 2019 having led HDFC Standard Life Insurance Company (HDFC Life) for over nine years.
He obtained his engineering degree from Birla Institute of Technology and Science, Pilani and Post Graduate in Business Management from IIM, Ahmedabad.
At the board meeting, Axis Bank also approved the re-appointment of Meena Ganesh and Gopalaraman Padmanabhan as Independent Directors for four years each, sunject to approval from members of the bank.
Axis Bank surpassed expectations for fourth-quarter profits on Wednesday, driven by robust loan expansion and increased revenue from lending activities. Shares reacted kindly to the company’s performance, with the scrip trading a little over 5 per cent as of 11:30 am.During the March 2024 quarter, Axis Bank announced a consolidated net profit of Rs 7,599 crore, while also voicing concerns regarding deposit growth in the upcoming financial year. On a standalone basis, the bank reported a net profit of Rs 7,130 crore for the January-March period.
The bank had posted a loss in the year-ago period as a result of the impact of the acquisition of Citi’s retail business.
The bank’s net profit increased by 17 per cent on a sequential basis, reaching Rs 6,071 crore compared to the preceding quarter of FY24. For the entire FY24, the bank’s net profit surged to Rs 24,861.43 crore from Rs 9,579.68 crore.
