Axis Bank has appointed Rajeev Mantri as its Chief Financial Officer (CFO) and Key Managerial Personnel, effective September 28, 2026. The decision was taken by the Board of Directors at its meeting held on July 18, 2026, based on the recommendations of the Nomination and Remuneration Committee and the Audit Committee. Mantri will be part of the Senior Management of the Bank.

The appointment follows the resignation of Puneet Sharma from the position of CFO and Key Managerial Personnel. Mantri satisfies the qualifications and conditions prescribed under the Reserve Bank of India (Commercial Banks - Governance) Directions, 2025, for the role of CFO.

Rajeev Mantri, aged 49 years, is a seasoned financial services leader with nearly three decades of experience across banking, financial services, credit information, consumer goods, and international financial institutions. Prior to this role, he served as the Executive President and Chief Financial Officer at Bandhan Bank, leading a team of over 150 members spanning financial planning, accounting, controls, reporting, and investor relations.

His career includes tenures at leading global and Indian banks such as Citibank, Standard Chartered, and Mashreq across India, Singapore, and the UAE. Mantri is a Chartered Accountant from ICAI India and holds a Global Executive MBA from INSEAD Business School, Singapore.

The Board meeting commenced at 9.00 am IST and concluded at 3:55 pm IST. The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Axis Bank reported a 23% year-on-year increase in standalone net profit to ₹7,114 crore for the quarter ended June 30, 2026. The profit growth was supported by a rise in total income to ₹40,721 crore and a decline in provisions and contingencies to ₹2,223 crore. The bank's asset quality improved, with Net NPAs decreasing to 0.39% compared to 0.45% in the same quarter of the previous year. Deposits grew 18% YoY, while advances increased 19% YoY, with the bank maintaining its position as the third-largest private sector bank in India.

Financial Performance

The bank's net interest income rose 8% YoY to ₹14,646 crore, while other income stood at ₹6,735 crore. Operating profit for the quarter was recorded at ₹11,659 crore. Provisions and contingencies (excluding tax) were significantly lower at ₹2,223 crore compared to ₹3,948 crore in the corresponding quarter of the previous year. The bank's Net Interest Margin (NIM) stood at 3.46% for the quarter.

Asset Quality and Ratios

Asset quality metrics showed improvement during the quarter. Gross NPAs stood at 1.28%, down from 1.57% in Q1FY26. Net NPAs improved to 0.39% from 0.45% a year ago. The Capital Adequacy Ratio (Basel III) was reported at 16.67% as of June 30, 2026. The bank's Return on Assets (annualized) was 1.51%.

Segmental Performance

Retail Banking continued to be a major revenue driver, contributing significantly to the segment results. Digital Banking, a sub-segment of Retail Banking, reported revenue of ₹10,627 crore. The Corporate/Wholesale Banking segment and Treasury segment also posted positive results for the quarter. The bank maintained a market share of ~38% in the UPI Payer PSP space and ~13.4% in credit cards in force.

Key Developments

During the quarter, the bank infused equity capital of ₹1,499.26 crores in Axis Finance Limited and invested ₹380.60 crores in Axis Max Life Insurance Limited. Additionally, Axis Finance Limited issued and allotted fresh equity shares on a preferential basis to Kedaara Pearl Holding and Kedaara Capital Fund IV AIF for a total cash consideration of ₹750 crores, diluting the bank's stake to 94.92%.

Consolidated Results

On a consolidated basis, the bank reported a net profit of ₹7,632.31 crore for the quarter ended June 30, 2026, compared to ₹6,243.72 crore in the same period last year. Total consolidated income stood at ₹43,212.82 crore.

The unaudited financial results were approved by the Board of Directors at its meeting held on July 18, 2026. The results were subjected to a limited review by the joint statutory auditors, M M Nissim & Co LLP and KKC & Associates LLP.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE238A01034/b12613e8-d55e-46e9-bc0b-27c95408d9dc.pdf