Axis Bank has responded to reports suggesting that over 100 senior employees were asked to leave following the release of its fourth-quarter results on April 24. The private lender clarified that the employees were asked to leave based on their regular appraisal process not due to sudden layoff drive.
“As is the case in any organisation, we conduct a detailed appraisal cycle at the end of each financial year. Many employees are rewarded and promoted, while some may fall short in terms of performance, leading to difficult conversations,” The Economic Times cited Axis Bank managing director Amitabh Chaudhry saying.
“The bank continues to heavily invest in certain areas, and depending on individual performance, exits are sometimes inevitable. This is a regular part of our annual cycle,” Chaudhry added.
Chaudhry noted that the banking industry is facing multi-faceted challenges due to which the performance of some employees in various sectors has dipped over the last fiscal.
Axis Bank is the third largest private sector bank in India. As of March 2024, it employs 104,332 people across and 26,087 of them are women.
Axis Bank Q4 Results
The private sector lender has witnessed a marginal decline in net profit to Rs 7,117.5 crore in the quarter ending March. The bank’s net profit during the same period last year stood at Rs 7,129.67 crore.
Total income rose to Rs 38,022 crore in the March quarter of the 2024-25 fiscal year, from Rs 35,990 crore in the year-ago period, according to the lender’s regulatory filing.
Following the muted Q4 results, Axis Bank’s shares witnessed a sharp decline of over 4.5% on Friday. However, on Monday, it surged by around 2.3% on the National Stock Exchange. At 3:11 PM, its shares were trading at Rs 1,192.20 price level.