Axis Bank has appointed Rahul Shukla as Group Head, Commercial and Bharat Banking, effective October 19, 2026. The appointment follows recommendations by the Nomination and Remuneration Committee and approval by the Board of Directors.

Shukla will be part of the bank's senior management team. His mandate includes accelerating growth, deepening customer relationships, and strengthening the bank's presence across commercial and rural banking segments.

Professional background

Rahul Shukla brings over three decades of experience in wholesale, corporate, investment, commercial, and rural banking across India and Asia. Prior to this appointment, he led the Commercial & Rural Banking group at HDFC Bank. Earlier in his tenure there, he headed Wholesale Banking.

Before joining HDFC Bank, Shukla held senior leadership roles at Citi. These included serving as Head of the South Asia Corporate Bank and Asia-Pacific TMT Investment Banking. His profile highlights expertise in managing large banking franchises, business strategy, and franchise building.

Academic qualifications

Shukla holds an MBA from IIM Bangalore and a B.Tech in Electrical Engineering (Hons.) from IIT Varanasi. The appointment was disclosed under Regulation 30 of the SEBI Listing Regulations via a filing to the National Stock Exchange and BSE Limited on October 17, 2026.

Axis Bank Limited reported a standalone net profit of ₹7,003.28 crore for the quarter ended September 30, 2026, marking a 37.6% increase from the corresponding period last year. The bank's total income rose to ₹42,949.32 crore, driven by robust interest income growth.

The Board of Directors approved the unaudited standalone and consolidated financial results during its meeting held on October 17, 2026. These results were subjected to a limited review by joint statutory auditors M M Nissim & Co. LLP and KKC & Associates LLP.

Key Financial Metrics

The bank demonstrated strong asset quality improvement alongside healthy revenue expansion. Interest earned on advances and bills contributed significantly to the top line, while operating expenses saw a moderate rise compared to the previous quarter. Net Interest Income (NII) stood at ₹15,371 crore, up 12% YoY, with a Net Interest Margin (NIM) of 3.36%.

Asset Quality and Capital Position

Asset quality metrics showed consistent improvement, with gross non-performing assets (NPAs) declining to 1.16% from 1.46% in the year-ago quarter. This represents a sequential improvement from 1.28% in the previous quarter. Fresh slippages dropped to ₹4,762 crore in Q2FY27, down from ₹5,566 crore in the preceding quarter. Net NPAs also contracted to 0.35% from 0.44% YoY, down from 0.39% in the preceding quarter. The bank's capital adequacy ratio under Basel III norms stood at 16.27%, providing a comfortable buffer above regulatory requirements. CET-1 ratio was 14.61%.

Provisions and contingencies decreased significantly to ₹1,693.74 crore in Q2FY27, compared to ₹3,547.04 crore in Q2FY26. This reduction in provisioning costs directly contributed to the sharp jump in net profit despite a modest rise in operating expenses. The provision coverage ratio (PCR) remained healthy at 70%.

Segment Performance and Business Growth

Retail Banking remained the largest contributor to segment revenue, generating ₹40,974.70 crore in Q2FY27. Digital Banking, a sub-segment of Retail, contributed ₹11,165.29 crore. Corporate/Wholesale Banking revenue grew to ₹14,716.89 crore, reflecting increased corporate lending activity.

The bank's balance sheet grew 22% YoY to ₹20,46,240 crore. Total deposits grew 21% YoY to ₹14,52,066 crore, while advances expanded 23% YoY to ₹13,73,727 crore. Retail loans grew 16% YoY, SME loans up 25% YoY, and Corporate loans up 34% YoY.

What the Numbers Show

A notable divergence exists between the growth in total income (14.2% YoY) and the much sharper rise in net profit (37.6% YoY). This gap is primarily explained by the significant drop in provisions and contingencies, which fell by 52.2% YoY. While revenue growth was steady, the profitability surge was largely driven by lower credit costs rather than operational leverage alone, as operating expenses rose by 8.7% YoY against a similar revenue increase. Additionally, the bank raised ₹1,018 billion in FCNR (B) deposits, which impacted the NIM calculation; excluding this impact, NIM would be higher at 3.47%. The sequential decline in both Gross and Net NPAs, coupled with fresh slippages falling to ₹4,762 crore from ₹5,566 crore QoQ, further supports the narrative of improving asset quality driving lower provisioning needs.