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Milestones under Axis Bank CEO Shikha Sharma's leadership

The ICICI Bank veteran had joined Axis Bank in June 200

Business Standard  |  Mumbai 

Axis Bank CEO Shikha Sharma
Axis Bank CEO Shikha Sharma

has reappointed Shikha Sharma as the MD & CEO for three years from June 2018. The ICICI Bank veteran had joined in June 2009, and has spearheaded the bank’s journey to become a universal bank. While her strategy to acquire Enam’s investment banking business and expand the bank’s retail base worked very well, the bank’s loans to the infrastructure sector has resulted in high non-performing assets. Between 2008-09 and 2016-17, Axis Bank’s net interest income and other income, which is mainly fee income, have grown five-fold and four-fold, respectively. Prior to Axis Bank, Sharma was the MD and CEO of ICICI Prudential Life Insurance.

Through the years

2009: Moves into corner office at Axis Bank
2010: Acquires Vallabh Bhansali-led Enam’s investment banking arm
2011: Rolls out online broking; push for infrastructure lending 
2012: Raises Rs 5,500 crore in capital for future growth 
2013: Targets ultra high networth segment via private banking 
2015: Begins to feel heat from corporate defaults
2016: Faces trouble after demonetisation, sale rumour 

Recent times have not been kind to her with spate of adverse developments

* Managing balance sheet impact of large-scale defaults in corporate and infrastructure loans in FY16 and FY17
* Dealing with issues of some bank branches becoming conduit for alleged manipulation after demonetisation
* Strong buzz about bank being up for sale and her movement to larger industry

Priorities\focus

* Push with agenda to increase higher share of retail in business
* Leverage subsidiaries for business growth
* Strengthening consumer-friendly profile

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