Axis Bank profit rises 83% in Q2

Axis Bank Ltd on Friday said its second quarter net profit rose 82.62% on the back of higher net interest income and other income.

The bank posted a net profit Rs 789.61 crore for the three months ended 30 September, compared with Rs 432.38 crore in the year-ago period. Profit was higher than Rs 758.9 crore estimated by a Bloomberg poll of 22 analysts.

Net interest income, or the difference between interest earned on loans and that paid on deposits, increased 15.25% to Rs 5,232.11 crore from Rs 4,539.62 crore in the corresponding period last year.

Other income, which includes core fee income, rose 3.59% to Rs 2678.38 crore in the three months from Rs 2585.40 crore a year ago.

Gross non-performing assets (NPAs), as a percentage of total advances, were at 5.96% in the September quarter, compared with 6.52% in the June quarter, and 5.90% in the year-ago September quarter.

Provisions during the quarter decreased 6.78% to Rs 2,927.38 crore, against Rs 3,140.41 crore in the year-ago quarter. In the April-June quarter, the bank had set aside Rs 3,337.70 crore as provisions.

Post-provision, the net NPA ratio was at 2.54%, against 3.09% in the April-June quarter, and 3.12% in the year-ago quarter.

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MD of HDFC Life appointed as CEO & MD of Axis Bank

Ending the speculation around the appointment of its next head once Shikha Sharma demits office, Axis Bank today chose Amitabh Chaudhry, 54, as the next CEO. 

Chaudhry, who is currently the managing director of HDFC Life was widely speculated to take over as the next boss at Axis. 

He will take over as MD & CEO for 3 years from January 1, 2019 and will remian in office till December 31, 2021. 

"We wish to inform you that the Board of Directors (the Board) of the Bank at its meeting held today has taken on record the approval granted by the Reserve Bank of India (RBI) to the appointment of Shri Amitabh Chaudhry as the Managing Director & CEO of the Bank. for a period of 3 years. with effect from 1 January, 2019 up to 31 December, 2021 (both days inclusive) and the terms and conditions relating to the said appointment, including remuneration," Axis Bank said in a notice to the BSE.

The Axis board will now meet to approve the appointment of Chaudhry as additional director. 

"After an extensive search, my fellow directors and I are pleased to welcome Amitabh as the Bank's MD & CEO. Amitabh has a proven track record and is well-equipped to lead Axis Bank in pursuing its growth ambitions balanced with a strong emphasis on risk and compliance management," said Sanjiv Misra, chairman, Axis Bank. 

Chaudhry has been with HDFC Standard Life since January 2010 and is widely credited for the insurance company's sucessful IPO earlier this year. 

He started his career in the corporate banking with Bank of America in 1987, where before moving to CALYON Bank as its managing director, head south east Asian investment banking and Head technology investment banking. 

He also worked for Infosys BPO between 2003 and 2006. He is a B. Tech in (Electronic & Electricals) from the Birla Institute of Technology & Science, Pilani and is an alumnus of Indian Institute of Management, Ahmedabad. 

"I would like to thank the RBI and the Axis Bank Board for the privilege and honor given to me to lead this great institution. Axis Bank is amongst the leading private sector banks in the country. Together, with the support of the Board and the Axis team, I am confident of continuing the bank's remarkable journey these past 25 years and to contribute to its future growth," Chaudhry said in a press release. 

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Axis Bank Q1 profit nearly halves YoY as provisions jump 43%

Axis Bank on Monday posted 46.30 per cent YoY fall in net profit at Rs 701.09 crore for the quarter ended June. It had reported a net profit of Rs 1,305.60 crore in the corresponding quarter last year.

ETNow poll had predicted a net profit of Rs 600 crore for the June quarter.

Provisions increased 42.51 per cent on a year-on-year basis to Rs 3,337.70 crore in Q1FY19 over Rs 2,341.93 crore in Q1FY18. They declined 53.51 per cent on quarter-on-quarter basis.

Net interest income of the bank increased 11.92 per cent YoY to Rs 5,166.80 crore for the quarter under review against Rs 4,616.14 crore in the corresponding quarter last year.

Asset quality of the lender improved during the quarter with percentage of gross non-performing assets coming in at 6.52 per cent against 6.77 per cent on a quarter-on-quarter basis. Percentage of net NPA declined to 3.09 per cent from 3.40 per cent on QoQ basis.

The bank’s balance sheet grew 14 per cent YoY and stood at Rs 6,92,686 crore as on June 30. Axis Bank’s advances grew 14 per cent YoY to Rs 4,41,074 crore for the quarter under review.

The private sector lender had reported its first-ever loss since listing at Rs 2,188.74 crore in the sequential quarter ended March 2018.

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One of the PSU banker is being considered for Axis Bank top job

P S Jayakumar, chief executive of Bank of Baroda (BoB), could become the successor of Axis Bank CEO Shikha Sharma. Earlier this year, the appointments committee of the bank had hired Egon Zhender to identify a new CEO after Sharma said she would step down prematurely on December 2018 after the Reserve Bank of India (RBI) raised questions over her three-year term.

According to a TOI report, the Zhender-led search panel is understood to be considering Jayakumar, a former Citibanker and the first lateral recruit into the top position at a public-sector bank and whose term comes to an end this year.

Jayakumar, 56, joined BoB on October 2015 and was heading VBHC Value Homes prior to taking charge of the lender. Those close to him said that he had taken permission from private equity investors in the earlier firm to take public office and was not keen on the private sector. However, uncertainty over what the government wants to do with PSBs might alter his plans.

Jayakumar is one of the only two bankers selected by the government to head a PSB. The other being Rakesh Sharma, former CEO of private lender Lakshmi Vilas Bank, was appointed to head Bengaluru-based Canara Bank.

In his three-year tenure, Jayakumar has been on the forefront at cleaning up the bank’s balance sheet and drawing up a road map for growing the retail business and investing in technology.

The board’s appointment committee would have to come up with a shortlist soon considering that a candidate would need to be finalised by September 2018. Within the bank, deputy MD V Srinivasan and executive director Rajiv Anand are potential candidates.

Once the search panel shortlists the candidates, the board would have to interview each of them and make a choice. This process is expected to take a few weeks. Once the CEO is finalised, the appointment has to be approved by the shareholders and the RBI — under its fit and proper guidelines.

In July last year, Axis Bank reappointed its CEO & MD Shikha Sharma for three years from June 2018. It was her fourth three-year term. In April this year, it was reported that the RBI had asked the Axis Bank board to reconsider her new term due to bank’s performance and deteriorating asset quality.

Sharma’s term will come to an end in December this year. In April, the board of directors of the bank wrote to the RBI, saying that Sharma had requested them to reduce her fourth term to December 2018, instead of May 2021.

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Axis Bank posts Q4 loss over provisions for bad loans

Axis Bank Ltd, India’s third-biggest private sector lender by assets, reported a surprise fourth-quarter loss, plagued by a rise in provisions for bad loans.

Net loss was Rs2,189 crore ($327.94 million) for the three months ended 31 March, compared with a profit of Rs1,225 crore a year ago, the Mumbai-based bank said.

Analysts had on average expected a profit of Rs514 crore, according to Thomson Reuters data.

Gross bad loans as a percentage of total loans rose to 6.77% at end-March, compared with 5.28% in the preceding quarter and 5.04% a year ago. 

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PNB fraud case: SFIO calls ICICI Bank CEO, Axis Bank MD

Serious Fraud Investigation Office (SFIO) has issued notices to ICICI Bank's CEO Chanda Kochhar and Axis Bank's Managing Director Shikha Sharma in the Punjab National Bank (PNB) scam worth Rs 12,700 crore.

They were asked to appear in the Mumbai SFIO today. The investigative body has authorised them to send representatives in case they are not able to appear themselves.

The representatives from Axis Bank arrived at SFIO some time back for being questioned and have left now. Shikha Sharma was not present. Meanwhile, ICICI Bank representatives are yet to come.

BSE has sought clarification from ICICI Bank and Axis Bank with respect to the news, but both the banks have not responded yet.

The Enforcement Directorate told that Choksi and Modi diverted money to related companies.The ED has also traced some of the money being routed back to the banks for re-issuing letter of undertaking, or LoUs.

A consortium of 31 banks led by ICICI Bank has loans close to Rs 5,200 crore to Mehul Chokshi's Gitanjali Group. Nirav Modi firms Stellar Diamond and Solar Exports and Diamonds have together borrowed close to Rs 4,000 crore from banks.Separately, the ED is also investigating the planned listing of Choksi's Nakshtra World, and Modi's Firestar International.

The Enforcement Directorate (ED) is hoping to recover Rs 3,000-4,000 crore from the real estate assets seized from Nirav Modi and Mehul Choksi, sources told Moneycontrol.

This is in addition to the diamonds and precious stones seized by ED from the two groups, which is valued at Rs 5,816 crore. The ED’s estimate of the value of precious stones seized from the two groups is based on the stock value, which is always higher than the market value of the stones.

PNB had informed stock exchanges about the Rs 11,400 crore worth of unauthorised transactions at its Brady House branch based on forged letters of undertaking (LoUs).

The bank had alleged that two of its officials had issued the forged LoUs, which allowed the Gitanjali group and Nirav Modi group of companies to borrow money from overseas banks, with PNB as the guarantor of the loans.

Source- Moneycontrol

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More Indian banks entangled in PNB fraud

At least three more Indian banks – two from the public sector and one private – are likely to have been caught in the Rs 11,000-crore fraud that hit the Punjab National Bank(PNB) on Wednesday. 

Union Bank of India, Allahabad Bank and Axis Bank are said to have offered credit based on letters of undertaking (LOUs) issued by PNB.

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Axis Bank Q3 result, net profit rises 25%

Axis Bank Ltd on Monday reported a 25.3% increase in its fiscal-third quarter profit as the bank provided lower provisions against its bad loans.

Net profit rose to Rs726.44 crore for the quarter ended 31 December from Rs579.57 crore a year ago. According to 16 Bloomberg analysts’ estimates, the bank was expected to post a net profit of Rs818.70 crore.

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Moody’s affirms ratings of 9 banks, downgrades IOB, Central Bank of India

Global rating agency Moody’s today affirmed ratings of nine banks, including Bank of India, Punjab National Bank and Axis Bank, at Baa3/Prime-3, and downgraded the ratings of Indian Overseas Bank and Central Bank of India to Ba3 from Ba1. Other banks whose rating was affirmed are Bank of Baroda, Canara Bank, Oriental Bank of Commerce, Syndicate Bank, Union Bank of India and ICICI Bank. “We continue to position the rated public sector banks in the “very high” government support bucket, reflecting the systemic importance of public sector banks in the country,” Moody’s said in a report.

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Axis Bank Q2 result, profit rises 35.51%

Axis Bank Ltd on Tuesday reported a 35.51% jump in its September quarter net profit after it made fewer provisions for bad loans.

The bank reported a profit of Rs432.38 crore compared with Rs319.08 crore a year ago. The bank had been expected to post a net profit of Rs1,318.30 crore, based on a poll of 20 analysts by Bloomberg.

Provisions and contingencies fell 13.31% to Rs3,140.41 crore from Rs3,622.74 crore a year ago. On a quarter-on-quarter basis, they rose 34.09% from Rs2,341.93 crore.

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Axis Bank Q1 profit falls 16% to Rs1,305.60 crore

Private sector lender Axis Bank Ltd on Tuesday reported a 16.07% decline in its net profit for the June quarter as bad loans continued to mount and provisions soared. This is the sixth consecutive quarter in which Axis Bank has posted a decline in profit.

Net profit stood at Rs1,305.60 crore against Rs1,555.53 crore a year ago. Twelve analysts polled by Bloomberg had forecast a net profit of Rs1,266.10 crore.Net interest income (NII) or the core income a bank earns by giving loans increased 2.2% to Rs4,616.14 crore from Rs4,516.92 crore last year. Other income rose 9.55% to Rs2,999.81 crore from Rs2,738.28 crore a year ago.

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Axis Bank Q4 result, profit down 43% to 1225 crore

Axis Bank Wednesday reported a 43% decline in net profit in the March quarter from a year ago as the private sector lender raised provisions for bad loans.

The Rs1,225.10 crore net profit compares with Rs2,154.28 crore posted a year ago, and Rs579.57 crore seen in the December quarter.

A Bloomberg poll of 23 analysts had forecast a net profit of Rs872.90 crore.

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Top 10 Private Banks in India 2017

Banking corporations are considered as the most prominent institution if we talk about private sector firms. We have scrutinized Top 10 Private Banks In India 2017 for the customers who are looking for best private banks with high interest rate. Now your wait is over, check out below given amazing private banking corporations along with saving accounts and interest rate details. The Private Banks Have earned popularity amongst people and achieved a special niche in the world of banking. These banks are known for highly competitive outlook and technological superiority. Check Out private Banks in India from below This Page.

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Top 10 banks in India 2017

In India banking sector is one of the most regulated sectors in the economy. When Indian Government allowed private banks to operate in the nation many banks came into existence and gave a tough competition to various nationalized players. Private Banks won over most nationalized banks because of the quality of services they offered to their customers. With years, banks are also adding services to their customers. The Indian banking industry is passing through a phase of customers market. The customers have more choices in choosing their banks. A competition has been established within the banks operating in India. So, which banks provide the best services?

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Axis Bank Q3 result, Profit falls 73.4% to Rs579.57 crore

Private sector lender Axis Bank Ltd on Thursday said net profit for the December quarter fell 73.4% from a year ago as provisions soared.

Net profit for the quarter stood at Rs579.57 crore as compared to Rs2175.30 crore a year ago. A Bloomberg poll of 22 analysts had forecast a net profit of Rs830.30 crore.

Net interest income (NII) or the core income a bank earns by giving loans increased just 4.12% to Rs4,333.73 crore from Rs4,162.06 crore last year. Other income jumped 45.45% to Rs3,400.21 crore from Rs2,337.78 crore in the same period last year.

Provisions and contingencies rose 4.78% to Rs3,795.80 crore in the quarter from Rs3,622.74 crore a quarter ago. On a year-on-year basis, it surged 433% from Rs712.59 crore.

Gross NPAs rose 220.9% to Rs2,0466.82 crore at the end of the December quarter from Rs6,378.65 crore in the September quarter. On a year-on-year basis, it jumped 257.56% from Rs5,724.05 crore.

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Axis Bank Q2 result, Profit plunges 83% to Rs319 crore

Private sector Axis Bank on Tuesday reported 83% plunge in net profit for the July-September quarter at Rs319 crore mainly due to higher provisioning for bad loans. The bank had posted a net profit of Rs1,915.64 crore for the July-September period of  FY 2015-16.

Axis Bank in a regulatory filing said that net profit in the first half of the current fiscal declined by 52% to Rs1,875 crore.

“The Bank has posted a net profit of Rs3,190.80 million for the quarter ended 30 September 2016 as compared to Rs19,156.40 million for the quarter ended on 30 September 2015,” the filing said.

Total Income increased to Rs13,698.7 crore in the period under review from Rs12,001 crore for the quarter ended 30 September 2015.

The Bank said its Gross NPAs and Net NPAs rose to 4.17% and 2.02% respectively in the second quarter of 2016-17 fiscal.

“As on 30 September 2016 loans outstanding on the Bank’s Watch List reduced 32% over the previous quarter and stood at Rs13,789 crore. “The reduction in the Watch List primarily represents slippages to NPAs amounting to Rs7,288 crore, which comprises 89% of the total corporate credit slippages,” Axis Bank said.

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Axis Bank Q1 Result, Profit Down

Private lender Axis Bank reported 21 per cent fall in net profit figures at Rs 1555.53 crore for the quarter ended June 30, 2016 against Rs 1978.44 crore in the corresponding quarter a year ago.

 

Bad loans, or net non-performing assets (NPA) of the bank ballooned 59 per cent to Rs 4010.23 crore against Rs 2522.14 crore in the sequential quarter ended Marc

h 31, 2016. Net NPA figures stood at Rs 1461.29 crore in the corresponding quarter a year ago.

Net interest income of the bank jumped by 11.35 per cent to Rs 4,516.92 crore for the quarter under review against Rs 4,056.23 crore in the corresponding quarter last year.

Operating profit of the bank jumped 9.22 per cent year-on-year to Rs 4,469.37 crore against Rs 4,092.07 crore in the same quarter last year.

During April-June period, Axis Bank added 102 branches to its network across the country. As on June 30, the bank had a network of 3,006 domestic branches and extension counters situated in 1,882 centres compared to 2,904 domestic branches and extension counters situated in 1,855 centres last quarter.

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Axis Q4 net falls 1.2% YoY to Rs 2154cr; NII up 19.8% to 4552cr

Axis Bank, India's third-largest private sector lender, today said its fourth quarter net profit fell 1.2 percent, ahead of a CNBC-TV18 poll that had forecast profits to fall 7 percent to Rs 2,028 crore. 

Net interest income rose 19.8 percent to Rs 4552.6 crore, compared to poll estimates of Rs 4,296 crore. 

The company's asset quality held steady, with the gross non performing asset (GNPA) and net NPAs coming at 1.67 percent (versus 1.68 percent) and 0.7 percent (vs 0.75 percent). 

Provisions jumped 64 percent year-on-year, to Rs 1,168.3 crore, likely because of the Reserve Bank of India's asset quality review (AQR) initiative. 

The bank's net interest margins went up from 3.79 percent in Q3 to 3.97 percent in Q4. Axis posted deposit growth of 11 percent quarter-on-quarter to Rs 3.58 lakh crore, while advances grew 20.5 percent to Rs 3.38 lakh crore. 

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Axis Bank's Exposure to Highly Leveraged Companies at 8% in Q3

Axis Bank today said it has an exposure of eight per cent in eight large debt-ridden corporate groups at the end of December 2015.

"Our funded exposure to highly leveraged groups has been stable at around 8 per cent at the end of the third quarter," the bank said in a filing to BSE.

Clarifying its statement in the earnings call, Axis Bank said the "leveraged groups referred to here are the eight large corporate groups that the investment community has identified and has been referring to as highly leveraged".

It said about 1.5 per cent of the bank's exposure to these groups is presently classified as non-performing assets, another 25 per cent restructured and around 4 per cent under the 5/25 scheme.

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Top 10 Private Banks in India 2016

In Indian economy Private bank is the most regulated sector and most of the citizens prefer private banks because these banks provide quality services to their customers. They generate more profit than most of the nationalized banks and thus these banks have great importance in countries national income. These banks are famous for quality based products and customer centric service. If you are hungry for the best private sector banks, then don’t miss to read this article. Here is a valuable list of top 10 best private banks India.

1. HDFC Bank

HDFC Bank or Housing Development Finance Corporation Limited is the number one bank in India according to the market capital and is in 5^th position according to assets value. It is the first private bank in India that received RBI approval to establish a bank. It has more than 3200 branches all over India and 12000+ ATM’s. At present the bank is dealing these services: FOREX services, Loans, Insurance, Credit cards, Private Banking, Premium Banking etc.

 

 

2. ICICI Bank

According to the quantity of assets, ICICI Bank or the Industrial Credit and Investment Corporation of India is the 2^nd largest private bank that was formed in 1994. In 2014, the bank was awarded with the best bank by Global Business Development. The bank has current assets value is 99 billion USD and all over India it has 3540 branches and 11200 ATM’s. At present the bank is dealing these services: Privilege Banking, NRI Accounts, Credit cards, Insurance, Loans, etc.

 

 

 

 

3. Axis Bank

Formally known as UTI Bank, Axis bank is also a leading private bank in India that is operating its service from 1994. It occupies 3^rd position in Indian banking market. This bank deals with the services like: customer and corporate banking, insurance and finance, credit cards, mortgage loans, investment banking, wealth management, credit cards etc.

4. Kotak Mahindra Bank

Formally the bank was known as Kotak Mahindra Finance Limited and was established in 1995 and got license to run banking business in 2003. The bank is available not only in Metro Cities but available also in Tier-2 cities. At present the bank is dealing these services: NRI Banking, Privileged Banking, Insurance and Finance, Wholesale Banking etc.

 

 

 

5. Yes Bank

In the list of 10 top best banks, Yes bank occupies 6^th position. In January 2004, the bank was founded by Rana Kapoor and it’s headquarter is in Mumbai. This is one of the fast growing private banks in India with 500 branches in more than 350cities. In 2013 the bank was awarded with Golden Peacock Award for its Corporate Social Responsibility. At present the bank is dealing these services: Commercial Banking, Corporate and Institutional Banking, Investment Banking, Branch Banking etc.

6. Federal Bank

This bank was founded in the year 1947 and was formally known as Travancore Federal Bank. The founder of this bank is Mr. K P Hormis. The bank has more than 1000 branches all over the country. From its first day of operation the bank is striving for excellence in customer service. At present the bank is dealing these services: Insurance and NRI Banking, Corporate Banking, Loans etc.

 

 

7. Karur Vysya Bank

Karur Vysya Bank is also a well-known figure in this top 10 best private bank list. The bank was founded by M.A. Venkatarama Chettiar and Athi Krishna Chettiar in 1916. It’s headquarter is in Karur, TamilNadu. This is also a scheduled commercial bank in India that is famous for excellent customer service. Karur Vysya Bank has more than 550 branches in 18 states.

8. IndusInd Bank

The bank was founded in 1994 by Srichand P. Hinduja. He was the Chairman of the Hinduja Group. It’s headquarter is in Mumbai, Maharashtra. The name of the bank came from the name of the Indus Valley Civilization. This bank is better known for retail banking.

 

9. J&K Bank

This bank was founded in 1938 in Srinagar and started its operation in 1939. For four decades it has a record of continuous profit.

 

 

 

 

 

10. Bandhan Bank

It is an Indian banking and financial services company. It’s headquarter is in Kolkata. Along with IDFC Bandhan is also the newest private bank in India. Bandhan receives its license from RBI in 2014 and started its operation in early 2015.

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