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The Reserve Bank of India has approved Amitabh Chaudhry’s re-appointment as Axis Bank’s MD and CEO from January 2025 to December 2027. Chaudhry has led the bank since 2019, driving growth and boosting net profit by 18% for the September 2024 quarter.
Axis Bank has confirmed the reappointment of Amitabh Chaudhry as its Managing Director and Chief Executive Officer, starting from 1 January 2025. The re-appointment will extend his leadership tenure for another three years, until 31 December 2027. The decision was finalised after receiving the necessary approval from the Reserve Bank of India (RBI) on 24 October 2024.
Amitabh Chaudhry initially joined Axis Bank as MD and CEO in 2019, after a successful nine-year tenure at HDFC Life. Since taking over, Chaudhry has been instrumental in driving the bank’s growth across various sectors. His focus has been on enhancing retail banking services, expanding digital offerings, and strengthening Axis Bank's overall market position.
Axis Bank has seen substantial growth under Chaudhry’s leadership, including a significant 18% rise in net profit for the September 2024 quarter. The bank reported a net profit of ₹6,917.57 crore, an increase from ₹5,864 crore in the same quarter the previous year.
The bank’s core lending income has also experienced strong growth, driven by robust credit demand. Axis Bank's net interest income for the September quarter rose nearly 10%, reaching ₹13,533 crore compared to ₹12,315 crore for the corresponding period in 2023.
The re-appointment of Amitabh Chaudhry was initially proposed at Axis Bank’s 30th Annual General Meeting held in July 2024, where it received approval from shareholders. However, the re-appointment was subject to final clearance by the RBI, which has now been granted.
Chaudhry's leadership, along with the bank's recent performance, underscores Axis Bank’s strong position in the Indian banking sector. The re-appointment signals continuity in leadership at a time when the bank is showing consistent financial growth, supported by an expanding retail portfolio and digital banking enhancements.
The news of Chaudhry’s re-appointment comes amidst Axis Bank’s ongoing efforts to consolidate its market position and build on its recent successes. Investors will be watching the bank’s continued performance under its extended leadership as it navigates the evolving financial landscape.
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