Axis Bank's results for the fourth quarter of the 2022-23 financial year (Q4FY23) were skewed due to large one-off charges related to its acquisition of Citi's retail business. Axis reported a loss of Rs 5,730 crore on account of exceptional items of Rs 12,350 crore (net of tax) towards Citi's acquisition, policy harmonisation etc. Excluding this one-off, the adjusted net profit or profit after tax (PAT) would be Rs 6,630 crore, up 61 per cent year-on-year (YoY).
The Coimbatore-based sugar manufacturer had taken Axis Bank (formerly UTI Bank) to court for selling exotic forex derivative products.
Singapore's state investor Temasek Holdings, which recently picked up 10 per cent stake in Haldiram, has been consistently expanding its footprint in India while slowly withdrawing from China over the last three years amid growing geopolitical risks and economic headwinds. India has become Temasek's third-largest market, after Singapore (27 per cent) and China (18 per cent), with its exposure to the country higher than the rest of Asia Pacific excluding the three (11 per cent), according to Temasek's annual review.
The bank follows RBI discomfort with quid pro quo pact.
Axis Bank's loan portfolio quality deteriorated, with gross NPAs rising to 5.22% of gross advances.
In what is the largest ATM outsourcing deal in the country, Axis Bank has entered into an agreement with two third-party service providers to increase its ATM count to more than 9,000 within the next 18 months.
Sharma to step down as Axis Bank chief on December 31.
A consumer court in Chennai has directed Axis Bank to pay a compensation of Rs 5 lakh to Dipika Pallikal, squash champion and Arjuna awardee.
The Reserve Bank of India is widely expected to reduce the repo rate for the first time in nine months when it announces its third quarter policy review.
RBI has directed the bank to revise the accounting scheme and the deal structure.
Axis Bank dismisses 24 staffers, suspends 50 accounts after I-T raids
it was done following the government's approval to increase foreign investment limit in the bank to 62 per cent from 49 per cent.
This facility, initially, will be available at select ATMs in the major centres.
Last week, govt sold shares worth Rs 220 crore in the open market without making a formal announcement. The deal came to light only this week.
Private sector banks that announced their earnings for the October-December quarter (Q3) of 2024-25 (FY25) reported a rise in credit costs due to higher provisions, mainly for unsecured retail loans.
The scheme, known as the 'Power Advantage Home Loan' scheme, will allow customers to lock in their home loan rate at 8.25 per cent for the first two years of the tenure followed by a floating rate.
Among Sensex firms, Eternal, Tata Motors, State Bank of India, Adani Ports, NTPC, IndusInd Bank, Bajaj Finance, Asian Paints, Axis Bank and Sun Pharma were the major losers. Bharti Airtel, Tata Steel, Mahindra & Mahindra, Hindustan Unilever, Nestle and Maruti were among the gainers.
In addition to challenges such as reining in non-performing assets (NPAs) and boosting profits, Chaudhry will have to repair the bank's reputation, build internal controls, and improve regulatory relations.
An hour-long disruption could affect around 40 million UPI transactions.
Heightened geopolitical uncertainties will lead the Reserve Bank's rate-setting panel to opt for a status quo at the next week's meeting, Axis Bank's chief economist Saugata Bhattacharya said on Monday. Bhattacharya said he had earlier expected a tightening action at the policy meet scheduled for April 6-8 but the increased uncertainties on the geopolitical front due to the Russian invasion of Ukraine and its impact on commodity prices makes him now think that RBI will defer such an action. He said the central bank's Monetary Policy Committee (MPC) may hike rates in the second half of FY23 by up to 0.50 per cent.
With rising credit demand, cleaner balance sheets, and renewed investor confidence, banks are positioned at the forefront of the market rally. From major players like ICICI and HDFC to broader policy shifts, there's much driving this momentum.
With rising credit demand, cleaner balance sheets, and renewed investor confidence, banks are positioned at the forefront of the market rally. From major players like ICICI and HDFC to broader policy shifts, there's much driving this momentum.
With rising credit demand, cleaner balance sheets, and renewed investor confidence, banks are positioned at the forefront of the market rally. From major players like ICICI and HDFC to broader policy shifts, there's much driving this momentum.
The Axis Bank share sale was launched on Thursday in an indicative price band of roughly Rs 1,290 to Rs 1,357 a share.
In a career spanning over 29 years, Sharma has had a wide exposure across the entire spectrum of financial services and has held several leadership positions across various market-leading businesses, the bank said in a statement. Axis Bank is the third-largest private sector bank in India and its network spans across more than 840 offices and over 3,600 ATMs.
Total income of the bank improved to Rs 13,852.1 crore (Rs 138.52 billion).
It's not necessary to use only external benchmarks, there are multiple avenues to meet the requirement that the RBI wants, the bank said.
From the Sensex firms, Adani Ports, Eternal, Bajaj Finance, Axis Bank, Bajaj Finserv, Reliance Industries, Power Grid and NTPC were the major gainers. Sun Pharma, however, tanked over 5 per cent.
Markets investors became richer by Rs 27.10 lakh crore as the BSE benchmark Sensex continued to rally for the sixth trading day, surging nearly 6 per cent during this period. On Monday, the 30-share BSE bellwether gauge jumped 1,078.87 points or 1.40 per cent to settle at an over six-week high of 77,984.38. During the day, the benchmark zoomed 1,201.72 points or 1.56 per cent to 78,107.23.
Axis Bank has reported a better-than-expected 18.4 per cent increase in quarterly net profit.
'We have seen something do very well when the times are good but maybe not as well when the times are bad.'
Trading sentiment in the equity market will largely be driven by domestic corporate quarterly earnings, any update related to US tariffs and foreign fund movements this week, analysts said. Investors would also focus on world market trends, movement of global oil benchmark Brent crude and the rupee-dollar trend for further cues, experts noted.
Private sector lender, Axis Bank, plans to hire around 4,500 employees in the current fiscal, of which 2,500 appointments will be through the lateral route, a bank official said.
UTI Bank, the country's third largest private lender, on Monday said the board of directors have approved a proposal to change its name to Axis Bank.
Tigerair has announced few free tickets for Singapore flights
Total income of the lender rose to Rs 9,059.12 crore (Rs 90.59 billion) in the quarter under review, from Rs 7,818 crore (Rs 78.18 billion) in the corresponding period of last fiscal.
The accounts were hacked during April and May, police said, adding that the Axis Bank had contacted Mumbai police and informed that they had set up a committee to probe the matter.
Absconding diamond jeweller Mehul Choksi has been detained in Belgium following an extradition request by Indian probe agencies for his alleged involvement in the Rs 13,000 crore PNB bank loan 'fraud' case, official sources said Monday. The action against the diamantaire was taken on Saturday.
All Sensex firms, except Power Grid, ended in the positive territory. Titan, Bajaj Finance, State Bank of India, Larsen & Toubro, Axis Bank, Bajaj Finserv, Asian Paints and Zomato were the biggest gainers.
Sharma who took over as the chief executive officer and managing director in June is, however, confident that the bank will continue to beat the industry growth rate and sustain the margins and return ratios.
