Page 16 - Axis Bank

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Axis Bank reports Rs 5,361 cr loss in Q4 on Citi acquisition payout

Axis Bank reported a Rs 5,361 crore loss on a consolidated basis for the January-March period against a net profit of Rs 4,417 crore a year ago, impacted by the Rs 12,490 crore payout towards the Citi acquisition. On a standalone basis, the third largest private sector lender reported a Rs 5,728 crore loss against a net profit of Rs 4,117 crore in the year-ago period, and Rs 5,853 crore in the preceding December quarter. Its managing director and chief executive Amitabh Chaudhry told reporters that the impact of acquiring Citi's retail businesses is a one-time one, and if one were to exclude the same, the net profit would have grown by over 61 per cent on a year-on-year basis. The bank's core net interest income grew 33 per cent to Rs 11,742 crore driven by a 0.73 per cent expansion in the net interest margin at 4.22 per cent and an over 20 per cent growth in advances. The other income grew 16 per cent to Rs 4,895 crore during the quarter. Its chief financial officer Puneet Sharma

Axis Bank reports Rs 5,728-crore loss in Q4 on Citi biz acquisition

Barring the deal, Q4 net profit jumps 61% to Rs 6,625 crore

Axis Bank reports wider-than-expected Q4 loss on $1.41 bn Citi deal

Axis reported a loss of Rs 5,728 crore ($700.1 million) for the three months ended March 31, compared to a profit of Rs 4,118 crore a year earlier

Nifty ends April F&O series above 17900; Bajaj twins, Bharti Airtel support

CLOSING BELL: The S&P BSE Sensex, meanwhile, rallied 349 points to settle at 60,649

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Axis Direct faces hours-long technical outage; traders complaint of losses

Queries sent to Axis Securities on the technical issues and resolution for customers remained unanswered till the time of going to press

Top card cos to go live with UPI-linked RuPay credit card feature by June

The feature seeks to include 50 million UPI merchants in the formal credit economy and drive consumption in a big way

Grasim Industries receives Rs 5,000 cr three term loan from Axis Bank

Grasim Industries, the flagship company of the Aditya Birla Group, on Tuesday announced entering into three term loan agreements totalling Rs 5,000 crore to finance capital expenditure and repayment of existing loans. It has executed agreements for a secured loan of Rs 4,850 crore and two unsecured loans of Rs 70 crore and Rs 80 crore, Grasim Industries said in an exchange filing. "The company has entered into three Term Loan Agreements on April 3, 2023, to avail the Rupee Term Loan facility aggregating to Rs 5,000 crore from Axis Bank Limited in terms of the approval by the Finance Committee of the Company," it said. The rupee term loans "are of 10 years tenor", it added. It will utilise Rs 4,850 crore loan for capital expenditure, reimbursement of capital expenditure already incurred in the last 12 months or re-payment of existing borrowings. While the other two unsecured term loans worth Rs 150 crore "shall be utilised for capital expenditure of identified projects," it ...

Axis Bank CEO flags risks of slowing economic growth, says report

Axis Bank Ltd Chief Executive Officer Amitabh Chaudhry said he was watchful over consumer demand in the Indian economy and that expectations for growth might have to be tempered a bit

'Digital Dukaan': Axis Bank launches biz management solution for merchants

Axis Bank in partnership with Visa on Monday launched an app that will empower merchants to accept payments through various digital modes and also enable them to manage their day-to-day business digitally. The app 'Digital Dukaan' has been specifically designed to address business requirements such as accepting digital payments, inventory management and billing, among others, Axis Bank said in a statement. This Android Smart POS application has an in-built camera with LED flashlight that will enable scanning of product barcodes, allow tap and pay option for transactions up to Rs 5,000 and also support other value-added services such as EMI, acceptance of Sodexo card, Buy Now Pay Later, etc, it said. Digital Dukaan will also enable merchants to set up an online store and grow their business effortlessly by creating new channels, the bank said.

Banks tier II bond issuance surges 3.5 times in FY23, shows data

The issuance of tier II as well as Tier I bonds was marked by increase in the coupon on instruments reflecting hardening of interest rates and tight liquidity

In a first, 13 Citi-Axis branches to co-locate till merger transition

Clear signage to represent each banks' space; Citi to retain 14 branches

After UBS merger, Credit Suisse planning layoffs in India back offices

Credit Suisse's equity strategists Neelkanth Mishra and Ashish Gupta recently quit and joined the Axis Bank group. These positions are likely to be filled by USB analysts

Bank stocks can slide more; stay away for now: Analysts

Analysts expect the underperformance in bank stocks to continue ahead as the current fears around the banking sector globally are likely to persist for some time

Neelkanth Mishra resigns from Credit Suisse, to head research at Axis Bank

He is part of Indian Prime Minister Narendra Modi's Economic Advisory Council and head of research at Credit Suisse's local unit, according to the bank's website

Sensex falls for 5th straight day, ends 344 pts down; Nifty breaks 17,000

CLOSING BELL: The Nifty 50 ended below the 17,000-mark for the first time since October 11, 2022. The NSE benchmark has now shed 630 points in the last five trading sessions.

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No SVB-like scenario in India; banks are on a strong footing, say analysts

The sell-off in the banking pack, analysts said, was a knee-jerk reaction to the developments with US-based Silicon Valley Bank (SVB) that announced a share sale to shore up its finances

SC issues notice to Axis on a batch of RBI appeals to write off AT-1 bonds

The Supreme Court on Friday issued notices to Axis Trustee Services Ltd on a batch of appeals filed by the Reserve Bank of India (RBI) and others challenging a Bombay High Court order quashing a decision of the Yes Bank Administrator to write off Additional Tier 1 (AT-1) bonds. A bench headed by Chief Justice D Y Chandrachud took note of the submissions of Solicitor General Tushar Mehta, appearing for RBI, and senior advocate Kapil Sibal, representing Yes Bank, and extended the stay on the high court order quashing the decision of writing off AT-1 bonds. The Bombay High Court, while quashing the decision of the Yes Bank Administrator, had however said its decision will be in abeyance so the central bank and Yes Bank may appeal against it in the apex court. Issue notice. The stay granted (by the Bombay HC on its decision) will continue, said the bench, which also comprised justices P S Narasimha and J B Pardiwala. AT-1 bonds have no maturity date. These debt instruments offer highe