CURRENT AFFAIRS
CURRENT AFFAIRS
Description
Amitabh Chaudhry has been re-appointed as Axis Bank's Managing Director and CEO for a three-year period beginning January 1, 2025 and ending December 31, 2027.
Key Points
Approval Timeline
The re-appointment was approved by shareholders at the bank's 30th annual general meeting in July.
The RBI's final approval was issued on October 24, 2024.
Role And Contributions
Chaudhry has led Axis Bank since 2019, following a successful nine-year stint at HDFC Life.
He was crucial in extending the bank's retail banking services and improving its digital capabilities.
His leadership has improved Axis Bank's market position in a competitive environment.
Recent Financial Performance
In the September 2024 quarter, Axis Bank's net profit increased by 18% year on year to Rupees 6,917.57 crore.
This growth is linked to an increase in core lending income as a result of high credit demand.
Net interest income for the quarter was Rupees 13,533 crore, up nearly 10% from Rupees 12,315 crore in the same time last year.
Stock Market Performance
Axis Bank's stock price currently stands at Rupees 1,189.35, up Rupees 22.00 (1.88%) from the previous update.
Market Context
The bank's success is consistent with broader trends in the banking industry, which are driven by rising demand for credit and financial services.
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