Axis Bank eyes major turnaround as retail, SME drive growth, slippages fall

The private bank's net profit surged 83% to Rs 78.9 mn thanks to growing interest income and better provisioning

In what one could term as a strong indication of internal cleanup and turnaround, Axis bank posted an 83 per cent surge in its net profit to Rs 78.9 million for the quarter ended September 2018.

The bank's net profit stood at Rs 43.4 million during the same quarter of financial year 2018. 

In regulatory filings, the board of directors of the bank appointed Amitabh Chaudhry as the managing director-designate with effect from November 19 to December 31.  

Chaudhry will take over the reins from Shikha Sharma, the bank's present chief executive officer, as the next managing director and