Axis Bank board re-appoints Amitabh Chaudhry as MD & CEO for 3 years
Upstox
2 min read • Updated: April 25, 2024, 3:06 PM
Summary
Axis Bank's board has approved extending Amitabh Chaudhry's term as MD & CEO for another three years, starting January 1, 2025. This marks his second three-year extension since joining the bank in 2019. Previously, he served as MD & CEO of HDFC Life. The reappointment awaits approval from the Reserve Bank of India and shareholders.
Axis Bank on Thursday said its board has approved reappointment of Amitabh Chaudhry as MD & CEO for three years with effect from January 1, 2025. This will be his second extension of three years. His last extension came into effect from January 1, 2022. Chaudhry joined the bank as MD&CEO in 2019. The reappointment is subject to approval of the Reserve Bank of India and shareholders, Axis Bank said in a regulatory filing.
About Amitabh Chaudhry:
Amitabh Chaudhry 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. Chaudhry boasts an engineering degree from the Birla Institute of Technology and Science, Pilani, and further got his qualifications with a 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, subject to approval from members of the bank.
Axis Bank Q4 results:
Private sector lender Axis Bank on Wednesday reported a net profit of ₹7,129 crore for the fourth quarter ended March 31, 2024. The bank had reported a net loss of ₹5,728 crore in the March quarter of 2022-23 fiscal. Total income rose to ₹35,990 crore in the March quarter of 2023-24 fiscal, from ₹28,758 crore in the year-ago period. The bank's Net Interest Income (NII) grew 11% year-on-year (YoY) to ₹13,089 crore. For 2023-24 fiscal, the net profit jumped 160% to ₹24,861 crore.
The bank issued 1.24 million new credit cards in the March quarter of FY24 and has been one of the highest credit card issuers in the country over the last nine quarters, Axis Bank said in a regulatory filing. The bank's board has recommended a dividend of ₹1 per equity share of the face value of ₹2 per equity share for FY24.
The Bank added 125 branches during the quarter and 475 overall in the FY24 period, taking its overall distribution network to 5,377 domestic branches and extension counters situated across 2,963 centres.
Also, read Axis Bank Q4 result highlights: Net profit at ₹7,130 crore, asset quality improves
Shares of Axis Bank traded 5.81% higher at ₹1,125 at 2:37 PM on 25 April 2024.