Axis Bank reports a 95% jump in Q1 net profit
Posted on 31st July 2019 |
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Axis Bank’s net profit jumped 95% year-on-year (y-o-y) to Rs 1,370.08 crore for the April-June period against Rs 701.09 crore in the corresponding quarter last year. The private lender witnessed a 13.1% y-o-y rise in net interest income (NII) at Rs 5,844 crore. NII is the difference between interest earned and interest paid by a bank. The private lender’s shares fell 2.58% intraday, before settling at Rs 706.55 per share, down 1.82%. |
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Axis Bank's June quarter profit seen at ₹1,855 crore
Posted on 30th July 2019 |
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Mumbai: Private-sector lender Axis Bank is expected to report a net profit of ₹1,855 crore for the June quarter of FY20 compared with a net profit of ₹701.09 crore in the year-ago period, according to a consensus estimate of 23 analysts polled by Bloomberg. |
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Axis Bank eyes bigger credit card pie, ties up with Flipkart
Posted on 12th July 2019 |
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MUMBAI: Axis Bank, the fourth largest credit card issuer in the country, Thursday tied up with e- commerce major Flipkart to launch a co-branded credit card and is aiming to sell 1 million of the new card in a year. The new co-branded card comes weeks after American lender Citi launched a similar offering by tying up with payments major Paytm. |
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Axis Bank appoints Citigroup, JPMorgan for $1.3-bn share sale: Sources
Posted on 11th July 2019 |
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Axis Bank has picked banks, including Citigroup and JPMorgan Chase, to arrange a planned share sale of at least $1.3 billion, according to people with knowledge of the matter. India’s third-largest private sector lender has also selected Credit Suisse Group, BNP Paribas, HSBC Holdings, UBS Group and Axis Capital for the proposed offering, the people said, asking not to be identified. |
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Axis Bank Rating | Buy — Execution of strategy will be vital to earnings
Posted on 1st July 2019 |
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Axis Bank’s (AXSB’s) annual report analysis reveals the bank’s focus on improving its earnings metrics and asset quality. As part of its FY20-22 strategy, AXSB targets an RoE of 18% by FY22, with credit cost, opex and business mix identified as the key drivers for the achievement of this goal. Digital initiatives at the bank are gaining traction, with 43% of its personal loans sourced digitally versus 22% in FY18. |
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ED attaches property worth Rs 2.95 crore in Axis Bank DeMo case
Posted on 14th May 2019 |
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The Enforcement Directorate (ED) on Monday attached movable and immovable properties worth Rs 2.95 crore of Puneet Jain, Hemraj Singh, Vinod Deshmukh, Rajeev Singh Kushwaha, Mehfooz Khan, Pravesh Kumar Gandhi and others in a money laundering case relating to Axis Bank demonetised currency conversion case. |
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Axis Bank swings to profit in Q4 on net interest income growth
Posted on 26th April 2019 |
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Axis Bank on Thursday swung to a profit of Rs 1,505.06 crore for the three months to March 2019 against a loss of Rs 2,188.74 crore in the corresponding quarter a year ago. The bottomline was driven by strong net interest income growth and a sharp drop in provisioning for bad loans. The private lender witnessed a 20.63% y-o-y rise in net interest income (NII) to Rs 5,706 crore. Provisions fell 62.23% y-o-y to Rs 2,711.43 crore. |
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Big bank theory: Axis Bank eyes big branch expansion to catch up with HDFC Bank, ICICI
Posted on 26th March 2019 |
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Axis Bank wants to take the number of its branches in the country to 5,000-5,500 which will bring it on par with the country’s top two private lenders in branch strength. While the top two private banks — ICICI Bank and HDFC Bank — have slowed down the pace of bank expansion, Axis Bank will continue its branch expansion strategy, Amitabh Chaudhry, MD & CEO, Axis Bank, said. In the next three to four years, we will add 400 to 500 branches, Chaudhry said. Once it reaches 5,000-5,500 branches, the expansion will come down, he added. |
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Axis Bank plans organisational recast, synergy with subsidiaries
Posted on 25th February 2019 |
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Axis Bank’s newly inducted Chief Executive and Managing Director Amitabh Chaudhry is reworking the organisation’s structure, adding new roles as part of its larger growth strategy. With a plank of “One Axis”, to project a combined offering from parent (bank) and its subsidiaries, it is giving a thrust on synergy to get more share in customer wallet. |
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Govt to sell up to 3% stake in Axis Bank to meet Rs 80,000 cr disinvestment target
Posted on 12th February 2019 |
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The finance ministry through the Specified Undertaking of the Unit Trust of India (SUUTI) will sell up to a 3% stake in Axis Bank through the offer-for-sale (OFS) mechanism on Tuesday and Wednesday, the bank said in a notification to exchanges on Monday. The floor price for the offer would be Rs 689.52 per share. Axis Bank’s shares ended 1.1% lower than their previous close at Rs 710.35 on the BSE on Monday. |
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