Axis Bank Appoints Neeraj Gambhir As New Executive Director

Axis Bank announced that on the recommendation of the Nomination and Remuneration Committee, the Board of Directors approved the appointment of Neeraj Gambhir as its new whole time director or executive director for a term of three years, according to an exchange filing.

"The above appointment is for a period of 3 (three) years from the effective date of his appointment and is subject to approval of the shareholders of the Bank and RBI. Neeraj Gambhir would be liable to retire by rotation", the private lender stated.

The appointment will be effective either from Aug 4, or based on Reserve Bank of India's approved date, whichever is later, the filing added.

Here's All You Need To Know About Neeraj Gambhir

As per the exchange filing, Neeraj Gambhir, with over 30 years of experience, is Group Executive – Treasury, Markets and Wholesale banking products at Axis Bank since May 2020.

"He has over 30 years of experience in India's Financial sector and has worked in leadership roles across large domestic and global banking and financial services organizations during his career."

Before this, he was a Managing Director at Nomura, India, heading their fixed income business.

Axis Bank Q4 Highlights

A rise in provisions and bad loans has weighed on Axis Bank Ltd.'s standalone net profit for the quarter ended June. The bottom-line fell 4% year-on-year to Rs 5,806.14 crore during the quarter under review. Its lower than the expectations of Rs 6,375.77 crore of the analysts polled by Bloomberg. The bank's bottomline was Rs 7,117.5 crore a quarter ago.

Provisions and contingencies of the bank surged sharply by 94% year-on-year to Rs 3,947.66 crore. It was at Rs 1,359 crore in the prior quarter. Credit cost on an annualised basis for the quarter was at 1.38%.

Asset quality of the bank worsened during the quarter, with gross non-performing ratio rising to 1.57% as of June-end from 1.28% a quarter ago. Net NPA also rose to 0.45% from 0.33% in the March quarter.

Axis Bank Share Price Today

The scrip fell as much as 6.36% to Rs 1,086 apiece, the lowest level since It pared losses to trade 5.10% lower at Rs 1,100.70 apiece, as of 3:07 p.m. This compares to a 0.58% decline in the NSE Nifty 50 Index.

Shares have risen 3.30% on a year-to-date basis, and is down 16.01% in the last 12 months. The relative strength index was at 37.40.

Out of 52 analysts tracking the company, 42 maintain a 'buy' rating, and 10 recommend a 'hold,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 23.7%.

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