Axis Bank Ltd has re-appointed Shikha Sharma as managing director and chief executive officer for three years from June 2018, putting to rest speculation that she was leaving the bank.

The lender said in a stock exchange notice that the board approved her re-appointment when it met on Wednesday.

Sharma’s term was due to end in June 2018. Reserve Bank of India rules allow banks to choose a CEO only for three years, although they are eligible for re-appointment.

A section of the media had first reported appointment of an executive search firm by the bank to find her successor, which was followed by another report that Tata Sons sounded her out with an offer.

“The appointment of a search firm is in the interest of best governance, given that I’d have done nine years in 2018 with the bank and it doesn’t preclude anything about whether I will do another term or not,” Sharma told reporters, after announcing a Rs 385-crore acquisition of wallet company Freecharge in an all-cash deal.

The veteran banker is serving the second term that comes to an end in June 2018. She joined Axis Bank in 2009 with a five-year mandate which was subsequently extended.

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%.