Shikha Sharma is the Managing Director & CEO of Axis Bank, the third largest private sector bank in India. As per RBI approvals, the present term of Mrs. Shikha Sharma is till 30th June 2018. She was born on born November 19, 1958. Sharma joined Axis Bank in 2009. She has focused on transforming Axis Bank into a Bank with strengths across a wide range of Corporate Retail Banking products strengthening, its retail lending franchise, enlarged its investment banking & advisory capabilities and developed a comprehensive portfolio of products in the payments space.
Changes that occurred after the joining.(Benefits and losses)
- After succeeding PJ Nayak, Sharma acquired Enam Group’s investment and broking business, propelling Axis to the top position in equities advisory and mergers and acquisitions. she led the takeover of fintech company FreeCharge for Rs 385 crore, bringing into the fold millions of new, young customers who are looking for quick and easy payment solutions.
- Among major banks, Axis has delivered the second-best returns after HDFC BankBSE 1.95 %since 2009, the year Sharma moved into the corner office.
- The bank has delivered 410% returns, compared with the Nifty Bank index’s 308% in the period, according to the ETIG database. For State Bank of IndiaBSE -0.40 %, this stands at 105% and for ICICI BankBSE -0.34 %, 206%
- But the bank has been under pressure after reporting poor earnings in consecutive quarters. Also, some branches of the bank was under income-tax lens for violatuons during demonetisation.
- In the last one year, Sharma has been criticised for the bank’s deteriorating asset quality and falling profits.
- The bank had reported a 43% decline in net profit at Rs 1225 crore in the March quarter from a year ago as the private sector lender had raised provisions for bad loans
- The banks gross non-performing assets stood at Rs 1,318 crore at the end of March 2010. Likewise, the bank that had reported profits of nearly Rs 2,515 crore at the end of FY10 saw it plunge to Rs 579 crore in the quarter ended December after several growth years since 2010.
- During her tenure, Axis Bank has grown its advances nearly 5 times to Rs3.85 trillion. Annual profits too grew from Rs1,815.36 crore in 2008-09 to Rs3,679.28 crore in 2016-17. At the same time, gross non-performing assets ballooned 24 times to Rs22,030 crore from Rs915 crore eight years ago. The bank’s shares dropped 0.78% while the Bankex Index gained 0.79%.
- Under Sharma’s leadership, Axis Bank has received many awards notably, ‘Bank of the Year in India’for the year 2014 by The Banker Magazine, Financial Times.
- The share of low-cost current account savings account (CASA) deposits remained stable at 45 per cent, a high ratio.
- The Bank continued its international expansion during the year and opened a Representative Office in Dhaka
- The Bank was conferred the Certificate of Recognition for excellence in Corporate Governanceby the Institute of Company Secretaries of India (ICSI), for the year 2015.
- The Bank was ranked as the ‘Most Trusted Private Sector Bank’second year in a row – ‘Most Trusted Brand Survey’, conducted by Brand Equity, Economic Times.
- Axis Bank was ranked No 1 company to work for in the BFSI sector– ‘The Best Companies to Work for’ survey by Business Today in 2013.
Awards and recognition
- ‘Banker of the Year’ for 2014-15 by Business Standard.
- AIMA – JRD Tata Corporate Leadership Award for the Year 2014.
- ‘India’s Best Woman CEO’ by Business Today- 2013.
- ‘Transformational Business Leader of the Year’ at AIMA’s Managing India Awards – 2012.
- Woman Leader of the year’ at Bloomberg – UTV Financial Leadership Awards – 2012.
- Businessworld’s Banker of the Year Award – 2012.
- Forbes List of Asia’s 50 Power Business Women – 2012.
- Indian Express Most Powerful Indians – 2012.
- India Today Power List of 25 Most Influential Women – 2012.
- Finance Asia’s Top 20 Women in Finance – 2011.
- Business Today ‘Hall of Fame’ – 2011.
- Fortune Global and India list of 50 Most Powerful Women in Business – 2011.
- Businesswoman of the Year at the Economic Times Awards – 2008.
- Entrepreneur of the Year – Manager at the E&Y Entrepreneur Awards – 2007.
- Outstanding Businesswoman of the Year, CNBC TV 18’s Business Leader Awards.
Sharma has more than three decades of experience in the financial sector having begun her career with ICICI Bank in 1980. In her 29-year tenure with the ICICI group, Sharma was instrumental in setting up ICICI Securities – a joint venture between ICICI and J.P. Morgan, besides setting up various group businesses for ICICI, including investment banking and retail finance. In her last assignment at ICICI, as Managing Director & CEO of ICICI Prudential Life Insurance Company, she built and contributed remarkably to make it the number 1 private sector Life Insurance Company in India.
Shikha Sharma Pay Scale.
Post: CEO, Axis Bank
Remuneration (for fiscal 2015-16):
Per year: Rs 5.5 crore
Per month: Rs 45.8 lakh
Per day: Rs 1.52 lakh
Per hour: Rs 6,333
Per minute: Rs 105.5
Per second: Rs 1.759
Sanjaya Sharma (ex- Chief Executive Officer of Tata Interactive Systems)
Tilak and Tvisha