A high-growth story

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of the conservative management that had so many government-owned bodies on board.

With a mere 37 branches, the bank made inroads into corporate banking and was seen as a big relief by their clients so long used to serpentine queues and triplicate form-filling exercises at various PSU banks.

The change of guard after Gupta retired in 1999 took the bank to the next level-retail banking. Under the new chairman and CEO, PJ Nayak, a former IAS officer, the bank went on a rapid expansion drive.

Thanks to the strong foundation laid down by Gupta, Axis undertook massive expansion exercises to get into the retail space, as that became a cheaper source for funds.

The Q3 FY07-08 net profit of the bank rose by 66.20% at Rs 306.83 crore on an year-on-year basis. On an year-on-year basis, the net interest income rose by 91.12% at Rs 747.34 crore and the fee income rose by 80.91% at Rs 348.41 crore for the quarter.