Shikha Sharma new managing director of Axis Bank

Mumbai, April 20 (IANS) Axis Bank Ltd Monday said it has appointed Shikha Sharma as the bank's managing director and chief executive for the next five years.

Sharma, currently chief of ICICI group's life insurance business, will replace Axis Bank's present chief executive P.J. Nayak, a company statement said.

Sharma, along with her long-time colleague Renuka Ramnath, chief executive at ICICI Venture, were reportedly on the verge of quitting after another old hand Chanda Kochhar was appointed the managing director and chief executive of the country's second largest lender ICICI Bank.

Meanwhile, Axis Bank registered a 60.8 percent surge in its net profit at Rs.581.45 crore for the quarter ended March 31, 2009, compared to Rs.361.4 crore in the same period last year.

The group's net profit too surged 71 percent to Rs.1,812.9 crore for the year ended March 31, 2009, compared to Rs.1,059 crore the year before.

The total income of 2008-09 too increased 56 percent to Rs.13,745 crore from Rs.8,801 crore.