Axis Bank's retail lending group executive Sumit Bali quits, rejig in senior management

The bank also appointed Anuranjan Kumar, who is currently the head-operational health & control, as the new chief compliance officer

Axis Bank’s group executive of retail lending Sumit Bali has stepped down from his position after a stint of four years, the private lender informed the stock exchanges on June 13.

Bali, in his resignation letter dated June 12 said, “the time is right to embark on a new phase of career outside the bank." He had taken charge of the retail assets at the peak of the first Covid wave in 2020.

Bali’s last working day at the bank will be August 16, 2024.

Additionally, Anuranjan Kumar, head-operational health & control was appointed as the chief compliance officer at Axis Bank. Kumar is a senior banker with over three decades of experience. Before joining Axis Bank, Kumar worked with several domestic and global banks, including Citibank's India, Singapore and Bangladesh units in various capacities.

Kumar will assume charge of his new role from June 14 for a period of three years, the bank said.

The lender also said Bimal Bhattacharyya, who is the current chief compliance officer, will taking up another role within the bank.

The lender in its Q4FY24  reported a net profit of Rs 7,130 crore as against a loss of Rs 5,762 crore in the year-ago period, after it bought Citi Bank's India consumer division.

The private sector lender's net interest income (NII), the difference between the interest income it earned from lending activities and the interest paid to depositors, came in at Rs 13,089 crore, up 11.47 percent from the previous year's Rs 11,742 crore.

The gross non-performing asset (NPA) stood at 1.43 percent, down from 2.02 percent from the year-ago period. Net NPAs were at 0.31 percent compared to 0.39 percent.