CURRENT AFFAIRS
CURRENT AFFAIRS
Description
The board of Axis Bank has accepted Amitabh Chaudhry's re-appointment as Managing Director and CEO for another three years, beginning in January 2025, subject to RBI clearance. Along with Chaudhry, independent directors Meena Ganesh and Gopalaraman Padmanabhan have been re-appointed for four years each.
Q4 Performance Highlights
Axis Bank's fourth-quarter profit exceeded expectations, thanks to strong loan growth and increasing lending revenue. The bank reported a combined net profit of Rs 7,599 crore and a standalone net profit of Rs 7,130 crore for the January-March quarter. Despite great performance, concerns about deposit growth in the coming fiscal year were raised.
Financial Growth
The bank's net profit increased by 17% sequentially, hitting Rs 6,071 crore, compared to the previous quarter in FY24. Net profit for FY24 increased to Rs 24,861.43 crore from Rs 9,579.68 crore. The favorable financial trend demonstrates Axis Bank's resiliency and strategic direction under Chaudhry's leadership.
Background And Leadership Continuity
Amitabh Chaudhry, who became MD & CEO in January 2019, brings a plethora of knowledge from his time at HDFC Life. His reappointment represents continuity and stability in Axis Bank's leadership, which boosts investor trust in the face of changing market realities.
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