Axis Bank on Friday said its group executive and chief financial officer Jairam Sridharan has resigned.

In a communication to the stock exchanges, the private lender said Sridharan, a key managerial personnel, wanted to pursue other career opportunities and has, therefore, stepped down from the bank.

Axis Bank further disclosed that Sridharan will continue to serve as the group executive and CFO during his notice period of three months.

The bank, under guidance from the nomination and remuneration committee and the audit committee of the board, has initiated a succession plan for the post. The lender said a suitable candidate will be appointed in due course.

Sridharan, who handled finance, strategy and business intelligence functions in Axis Bank, has nearly two decades of experience in the banking and financial services industry. He was elevated to his current position in October 2015.

In his previous role in the bank, he was president — retail lending and payments and was responsible for driving growth in the lending and payments businesses comprising retail, agriculture and rural lending products and cards.

Sridharan joined Axis Bank in June 2010 from Capital One Financial, a consumer bank based in Richmond, USA. He has earlier worked with ICICI Bank in its initial foray into retail lending.

He is a bachelor of technology in chemical engineering from IIT Delhi and a post graduate diploma in management from IIM Calcutta.

While the announcement was made after market hours, the Axis Bank stock had earlier settled lower by 1.64 per cent, or Rs 11.95, at Rs 717.55. Based on Friday’s closing price, the scrip has rallied 14 per cent so far this calendar year.

The lender had reported a standalone loss of Rs 112.08 crore for the second quarter ended September of the current fiscal following a one-time tax impact. It had recorded a net profit of Rs 789.61 crore in the corresponding quarter a year ago.

However, the bank’s asset quality improved with its gross non-performing assets falling to 5.03 per cent of the gross advances at the end of September 2019 from 5.25 per cent in the preceding three months and 5.96 per cent a year ago. Its net NPAs also improved as it was placed at 1.99 per cent from 2.04 per cent on a sequential basis. During the quarter, the bank recognised slippages of Rs 4,983 crore compared with Rs 4,798 crore in the first quarter and Rs 2,777 crore a year ago.