Axis Bank, formerly UTI Bank was the first of the new private banks have begun operations in 1994 after the Government of India allowed new private banks to be established. The Bank was promoted jointly by the Administrator of specified undertaking of the investment fund of India (UTI-I), Life Insurance Corporation of India (LIC), General Insurance Corporation Ltd., National Insurance Company Ltd., the new company India Assurance, Oriental Insurance and United Insurance Company Ltd.
UTI-I has a special position in the capital markets in India and has pioneered many leading financial institutions in the country. Bank changed its name to Axis Bank in April 2007 to avoid confusion with other entities not related to the same name.Shikha James was appointed as Managing Director and CEO of the bank on 20 April 2009.
As in the year ending 31 March 2009 the bank had a total income of Rs. 13,745.04 crore and net profit of Rs 1812.93 crores.Axis Bank is one of the four major banks in India with State Bank of India, ICICI Bank and HDFC Bank.
In late October 2009, the Bank has an extensive network of more than 925 branches and extension Counters.The Bank has a network of over 3900 ATMs (as October 31, 2009). Bank loans now (June 2007) account for up to 70 percent of the bank's total lending of books Rs 2,00,000 crore. For HDFC Bank, are retailing around 57 percent (RS 28.000 millioner rupees) of total loans in March 2007.
In case of Axis Bank's retail loans has fallen from 30 percent of the total loan book of Rs 25,800 crore in June 2006 to around 23 percent of the loan portfolios of Rs.41, 280 million rupees (June 2007). Even over a longer period, while overall growth in assets of Axis Bank has been very high, and has as much as the other banks, retail exposures grew at a slower pace.
If the sharp decline in the portfolio of retail trade in the last year for Axis Bank is part of a deliberate business strategy, it can have significant implications (not necessarily negative) for the future profitability of the company.
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