Axis Bank board has approved the re-appointment of Amitabh Chaudhry as the Managing Director and chief executive officer of the bank for three years, starting January 2022 up to December 31, 2024. The re-appointment is, however, subject to the approval of the Reserve Bank of India (RBI) and the shareholders of the bank. "Amitabh Chaudhry is not related to any other director or key managerial personnel of the bank," Axis Bank said in a statement.
Chaudhry, 56, pursued engineering from Birla Institute of Technology and Science, Pilani and Post Graduate in Business Management from IIM, Ahmedabad. He joined Axis Bank in January 2019, after successfully leading HDFC Life as its MD & CEO for nine years.
Under his leadership, HDFC Life emerged as one of India's largest private life insurers. Prior to HDFC Life, Chaudhry was the MD and CEO of Infosys BPO and the Head of testing unit of Infosys Technologies Ltd. He was instrumental in building the BPO right from its inception and was later credited for making it an extremely profitable business having presence across seven countries.
Chaudhry started his career with Bank of America in 1987 and played diverse roles such as Head of Technology Investment Banking for Asia, Regional Finance Head for Wholesale Banking and Global Markets, and Chief Finance Officer of Bank of America (India).
He moved to Credit Lyonnais Securities in 2001 as the Head of Investment Banking franchise for South East Asia and successfully structured the finance practice for Asia before joining Infosys BPO in 2003.
Axis Bank this week had reported a net profit of Rs 2,677 crore for the quarter ended March 2021, as compared to a loss of Rs 1,388 crores in the same quarter a year ago. The increase in net profit was attributed to a sharp decline in bad loan provisions.
The Net Interest Income (NII) grew 11 per cent to Rs 7,555 crores in the March quarter compared to Rs 6,808 crores in Q4FY20. Net interest margin (NIM) for Q4FY21 was 3.56 per cent, as against 3.55 per cent for Q4FY20.
Axis Bank stock was trading 0.66 per cent or Rs 4.7 up at Rs 712.85 on the National Stock Exchange.
Also read: Axis Bank share price soars post Q4 results
Copyright©2021 Living Media India Limited. For reprint rights: Syndications Today