IN A COMPETITIVE landscape, the country's third-largest lender Axis Bank led by Amitabh Chaudhry has been acing the charts with standalone profit compounding at 47% ever since the 57-year-old took on the top job from Shikha Sharma in 2019. The performance of the former CEO of HDFC Standard Life Insurance Company fetched him in 2021 a three-year extension till 2024. Given the bank's strong performance thus far (9MFY24 profit up 16% to ₹17,732 crore and consolidated return on equity or RoE expanding 82 bps to 18.86%), it's quite likely that an encore is in the offing for Chaudhry. Interestingly, the last fiscal marked a milestone in the bank's journey following the successful merger of Citibank's consumer businesses which Axis had acquired for $1.6 billion (₹11,603 crore) in 2022, giving it access to Citi's 2.4 million customers and ₹39,900 crore of deposits.
While Chaudhry got what he wanted an immediate bump-up in the bank's market share with a 150-bps hike in low-cost deposits from 44.50% to 46% and a significant expansion in credit card market share from 11.4% to 16.2% - managing the expectations of anxious 3,200 Citi staffers was no less a deal, considering that they were moving into a powerhouse of 1 lakh-plus employees.
Reflecting on the remarkably "silent" integration of Citi's retail business, Rajkamal Vempati, president and head of human resources, says, "It was quieter than anticipated, with lower attrition rates.
This story is from the April 2024 edition of Fortune India.
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This story is from the April 2024 edition of Fortune India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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