Axis Bank Elevates Sameer Shetty, Bipin Saraf, R Vempati as Group Executives
Private sector Axis Bank stated that Rajiv Anand, the bank's deputy managing director, will retire and that Sameer Shetty, Bipin Saraf, and Rajkamal Vempati would be promoted to group executives for several verticals.
After serving his third term as a director on the board, Axis Bank announced that Anand will leave the bank at the end of business hours on August 3, 2025.
"We have a strong leadership pipeline at the bank that will ensure that our clients continue to receive best-in-class service and our competitive positioning continues to improve," it said.
After he leaves the bank, Anand will remain involved with the Axis group as the non-executive chairperson of Axis Max Life Insurance Ltd.
In the meantime, the bank stated that Sameer Shetty, Bipin Saraf, and Rajkamal Vempati had been promoted to group executives of the Human Resources sector, Bharat Banking vertical, and Digital Business and Transformation vertical, respectively.
It stated that these appointments take effect on April 1, 2025.
Axis Bank reported a slight drop in net profit to Rs 7,117.5 crore for the March quarter, the day after the top deck changes.
The profit for the previous year was Rs 7,129.67 crore.
In the March quarter of the fiscal year 2024–25, total income increased from Rs 35,990 crore to Rs 38,022 crore.
In early trading on Friday, April 25, shares of Axis Bank Ltd., a private lender located in Mumbai, dropped more than 4% after the institution's fourth-quarter results were unchanged from the previous year, as the market had anticipated. The response of the stock was a stark contrast to the opinion of the majority of analysts who are optimistic about the scrip's prospects for future gains.
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Analysts covering Axis Bank have reached a consensus estimate that suggests a possible gain of up to 10% (close to its 52-week high) from Thursday's closing price, which is 10 percent higher than the price one month prior.