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Private sector lender <keyword id="19952948" type="General" weightage="20" keywordseo="Axis-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Axis Bank" meta.hostid="261" meta.entityid="Axis Bank">Axis Bank</keyword> on Wednesday reported a net profit of Rs 7,129 crore for the fourth quarter ended March 31, 2024. The bank had reported a net loss of Rs 5,728 crore in the March quarter of 2022-23 fiscal. Total income rose to Rs 35,990 crore in the March quarter of 2023-24 fiscal, from Rs 28,758 crore in the year-ago period. The bank's Net Interest Income (NII) grew 11 per cent Year-on-Year (YoY) to Rs 13,089 crore. For 2023-24 fiscal, the net profit jumped 160 per cent to Rs 24,861 crore. The numbers for the March quarter of 2022-23 fiscal and the full fiscal include the impact of exceptional items relating to the <keyword id="19941660" type="General" weightage="20" keywordseo="citibank" source="keywords">Citibank</keyword> business acquisition, Axis Bank said. Its balance sheet grew 12 per cent YoY to Rs 14,77,209 crore as on March 31, 2024. The bank issued 1.24 million new credit cards in the March quarter of FY24 and has been one of the highest credit card issuers in the country over the last nine quarters, Axis Bank said in a regulatory filing. The bank's board has recommended a dividend of Re 1 per equity share of the face value of Rs 2 per equity share for FY24. Shares of Axis Bank settled at Rs 1,063.70 apiece, up 0.69 per cent over the previous close on the BSE. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/realme-narzo-70-narzo-70x-5g-smartphones-launched-in-india-starting-at-11999/articleshow/109557895.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/realme-narzo-70-narzo-70x-5g-smartphones-launched-in-india-starting-at-11999/articleshow/109557895.cms" target="_blank">Realme Narzo 70, Narzo 70X 5G smartphones launched in India starting at ₹11,999</a><a href="https://www.businessinsider.in/tech/news/gigabyte-aorus-co49dq-49-inch-qd-oled-144hz-curved-gaming-monitor-launched-in-india/articleshow/109563798.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/gigabyte-aorus-co49dq-49-inch-qd-oled-144hz-curved-gaming-monitor-launched-in-india/articleshow/109563798.cms" target="_blank">GIGABYTE AORUS CO49DQ 49-inch QD-OLED 144Hz curved gaming monitor launched in India</a><a href="https://www.businessinsider.in/tech/news/apple-let-loose-event-scheduled-for-may-7-ipads-expected-to-be-launched/articleshow/109553148.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/apple-let-loose-event-scheduled-for-may-7-ipads-expected-to-be-launched/articleshow/109553148.cms" target="_blank">Apple Let Loose event scheduled for May 7 – New iPad models expected to be launched</a>

Axis Bank posts net profit of ₹7,129 cr in March quarter

New Delhi, Apr 28 () Axis Bank on Tuesday reported a standalone net loss of Rs 1,387.78 crore for March quarter of 2019-20 as provisioning for bad loans and contingencies soared.The private sector lender had reported a net profit of Rs 1,505.06 crore in the same quarter of the previous financial year.Income during the latest quarter stood at Rs 20,219.57 crore. It was Rs 18,324.31 crore in the year-ago period, Axis Bank said in a regulatory filing.Provisions for bad loans and contingencies in the fourth quarter of the last fiscal were at Rs 7,730.02 crore. In the year-ago quarter the provisions stood at Rs 2,711.43 crore.On consolidated basis also, the lender posted a net loss of Rs 1,250.09 crore during the quarter ended March 2020. There was a net profit of Rs 1,677.90 crore in the year-ago period. Income increased to Rs 20,786.23 crore in the latest quarter from Rs 18,950.85 crore in the same period a year ago.Gross non performing assets (NPAs) fell to 4.86 per cent of the gross advances as on March 31, 2020 from 5.26 per cent by the year- ago same period.Net NPAs or bad loans too came down to 1.56 per cent from 2.06 per cent.The bank said the extent to which the COVID-19 pandemic will impact the bank's provision on assets will depend on the future developments, which are highly uncertain. Among other things, any new information concerning the severity of the COVID-19 pandemic and any action to contain its spread or mitigate its impact whether government mandated or elected by the bank, will also impact the provisions. It said the pandemic has affected the world economy including that of India, leading to significant decline and volatility in financial markets and decline in economic activities. Axis Bank stock closed 6.61 per cent higher at Rs 455.55 on the BSE. KPM ANUANU

Axis Bank Q4 net loss at Rs 1,388 cr

New Delhi, Apr 29 () Shares of Axis Bank on Wednesday dropped nearly 4 per cent after the company reported a standalone net loss of Rs 1,387.78 crore for March quarter of 2019-20. The scrip closed the day at Rs 438.85, 3.67 per cent lower at the BSE. During the day, it declined 6.15 per cent to Rs 427.50. On the National Stock Exchange (NSE), scrip fell 3.64 per cent to close at Rs 438.85. During the day, it tumbled 6.47 per cent to Rs 425.95. Axis Bank was the biggest laggard among the 30-share BSE index and NSE Nifty. In traded volume terms, 20.89 lakh shares were traded at the BSE and 6.15 crore units on the NSE during the day. Axis Bank on Tuesday reported a standalone net loss of Rs 1,387.78 crore for March quarter of 2019-20 as provisioning for bad loans and contingencies soared. The private sector lender had reported a net profit of Rs 1,505.06 crore in the same quarter of the previous financial year. Income during the latest quarter stood at Rs 20,219.57 crore. It was Rs 18,324.31 crore in the year-ago period, Axis Bank said in a regulatory filing. Provisions for bad loans and contingencies in the fourth quarter of the last fiscal were at Rs 7,730.02 crore. In the year-ago quarter the provisions stood at Rs 2,711.43 crore. On consolidated basis also, the lender posted a net loss of Rs 1,250.09 crore during the quarter ended March 2020. There was a net profit of Rs 1,677.90 crore in the year-ago period. Gross non-performing assets (NPAs) fell to 4.86 per cent of the gross advances as on March 31, 2020 from 5.26 per cent in the year-ago period. SUM SHWSHW

Axis Bank shares drop nearly 4 pc after Q4 net loss

<ul><li><keyword id="6355975" type="COMPANY" weightage="20" keywordseo="axis-bank">Axis Bank</keyword>’s share price is up by over 6% in early morning trade.</li><li>The jump in stock value comes after the bank revealed that its moratorium book was only 9.7% of the total portfolio in terms of value. </li><li>Axis Bank has also built up buffers to the tune of $900 million to address stressed assets and COVID-19 contingency.</li></ul>Axis Bank’s share price rallied over 6% in early morning trade, reacting to its Q1 earnings posted last evening. The primary concern over asset quality was assuaged when the bank disclosed that only 9.7% total portfolio consisted of loans that had opted for the Reserve Bank of India’s (RBI) moratorium. <div type="image" title="axis bank stock price (1)" msid="77100086" hostid="261" caption="&amp;lt;p&amp;gt;Axis Bank stock price surges by over 6%&amp;lt;/p&amp;gt;"></div> Analysts are now positive about Axis Bank’s growth and have increased their earnings estimates based on the bank’s strong net interest income (NII) growth and sequential decline in provisions. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Target Price </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Motilal Oswal Securities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 600 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IDBI Capital </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 530 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Securities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 565 </td></tr></tbody></table> 90% of the customers who opted for the second moratorium are the same as the ones who opted for the first moratorium. Nonetheless, management said that Axis Bank remains cautious which is why it has a provision buffer of nearly $900 million and is building up a solid war chest. <div type="Article" hostid="261" msid="77086850" title="Axis Bank has set aside over $900 million fearing COVID-19 may sour loans" mstype="2" mssubtype="0"></div> In June, 80% of corporate clients and 70% of customers in retail who had opted for the moratorium successfully paid the interest on their loans. The bank’s Gross Non-Performing Assets (GNPA) ratio and Net Non-Performing Assets (NNPA) ratio has also improved over last quarter. <div type="image" title="Axis bank GNPA NNPA" msid="77100109" hostid="261" caption="&amp;lt;p&amp;gt;Axis Bank&amp;#39;s GNPA and NNPA ratios over the last five quarters&amp;lt;/p&amp;gt;"></div> This has helped boost the provisions coverage ratio (PCR) to 75%, an increase of 576 basis points (bps) over the last quarters. A hundred bps make up 1%. “Post near term stress taking shape, we expect the book to normalize and improve thereon,” said IDBI Capital’s review. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/axis-bank-has-set-aside-over-900-million-fearing-covid-19-may-sour-loans/articleshow/77086850.cms">Axis Bank has set aside over $900 million fearing COVID-19 may sour loans</a> <a href="https://www.businessinsider.in/stock-market/news/hdfc-bank-share-price-rises-on-bond-issue-and-increase-in-provision/articleshow/77061426.cms">HDFC Bank is beefing up capital and provision to cushion a spike in bad loans post moratorium — and that’s helping its share price</a>

Axis Bank share price surges over 6% after earnings reveal that only 9.7% of its loans are exposed to the moratorium

New Delhi, Apr 29 () Shares of Axis Bank on Wednesday dropped over 6 per cent in early trade after the company reported a standalone net loss of Rs 1,387.78 crore for March quarter of 2019-20. The scrip declined 6.15 per cent to Rs 427.50 at the BSE. At the National Stock Exchange (NSE), it fell 6.47 per cent to Rs 425.95. Axis Bank on Tuesday reported a standalone net loss of Rs 1,387.78 crore for March quarter of 2019-20 as provisioning for bad loans and contingencies soared. The private sector lender had reported a net profit of Rs 1,505.06 crore in the same quarter of the previous financial year. Income during the latest quarter stood at Rs 20,219.57 crore. It was Rs 18,324.31 crore in the year-ago period, Axis Bank said in a regulatory filing. Provisions for bad loans and contingencies in the fourth quarter of the last fiscal were at Rs 7,730.02 crore. In the year-ago quarter the provisions stood at Rs 2,711.43 crore. On consolidated basis also, the lender posted a net loss of Rs 1,250.09 crore during the quarter ended March 2020. There was a net profit of Rs 1,677.90 crore in the year-ago period. Gross non-performing assets (NPAs) fell to 4.86 per cent of the gross advances as on March 31, 2020 from 5.26 per cent in the year-ago period. SUM DRRDRR

Axis Bank shares drop over 6 pc after Q4 net loss  

Mumbai, Jan 22 () Private sector lender Axis Bank on Wednesday reported a 4.5 per cent year-on-year jump in net profit at Rs 1,757 crore for the third quarter ended December 2019. 
 The company had posted a net profit of Rs 1,680.85 crore in the corresponding quarter last year.
 Net interest income grew 15 per cent to Rs 6,453 crore in the third quarter this fiscal, the bank said in a stock exchange filing. 
 Total income during the quarter under review rose to Rs 19,494.87 crore as against Rs 18,130.42 crore in the year-ago period.
 Net non-performing assets (NPAs) stood at 2.09 per cent of the net advances as on December 31, 2019, down from 2.36 per cent at the end of December 2018. 
 Gross non performing assets (GNPA) also improved to 5 per cent of the gross advances from 5.75 per cent a year ago.
 In value terms, gross NPAs stood at Rs 30,073 crore in December quarter as against Rs 30,854.67 crore in the same period last year. 
 Net bad loans were at Rs 12,160.28 crore as against Rs 12,233.29 crore as on December 31, 2018.
 The bank further said it recognised slippages of Rs 6,214 crore during December quarter as compared to Rs 3,746 crore in the year-ago period.
 Slippages from the loan book were at Rs 5,124 crore and that from investment exposures stood at Rs 1,090 crore.
 According to the bank, recoveries and upgrades from NPAs during the quarter stood at Rs 2,422 crore, while write-offs were at Rs 2,790 crore.
 Consequently, net slippages (before write-offs) for the quarter stood at Rs 3,792 crore as compared to Rs 2,124 crore in the corresponding quarter of the last fiscal.
 Shares of Axis Bank on Wednesday closed about 1 per cent lower at Rs 710 apiece on the BSE. NKD CS 
RVK

Axis Bank Q3 profit up 4.5 pc at Rs 1,757 cr

<ul><li><keyword id="6358921" type="General" weightage="80" keywordseo="upi" source="Orion">UPI</keyword> clocked over 14.55 billion transactions in volume and ₹26.19 trillion in terms of value.</li><li>UPI’s transaction volume and value have almost doubled since last year's recording.</li><li>Debit cards account for 10 percent and Credit cards accounted for 7 percent of transactions in Q1 2022.</li></ul>India saw 9.36 billion transactions amounting to ₹10.25 trillion in the first quarter (January-March period) via various payment modes led by Unified Payment Interface (UPI), a new report showed on Monday. The UPI P2M (person to merchant) transactions emerged as the most preferred payment mode among consumers with a market share of 64 per cent in volume and 50 per cent in terms of value, according to the report by Worldline, a global leader in payments industry. In Q1 2022, UPI clocked over 14.55 billion transactions in volume and ₹26.19 trillion in terms of value. Its transactions volume and value has almost doubled since last year recording about a 99 per cent increase in volume and over 90 per cent increase in value compared to Q1 2021. As of the first quarter, the top <keyword id="3904501" type="General" weightage="50" keywordseo="upi-apps" source="Orion">UPI apps</keyword> in terms of volume were PhonePe, Google Pay, <keyword id="14300323" type="General" weightage="50" keywordseo="paytm-payments-bank-app" source="Orion">Paytm Payments Bank App</keyword>, Amazon Pay, Axis banks App while top PSP UPI Players were YES Bank, Axis Bank, State Bank of India, HDFC Bank and Paytm Payments Bank. Among the top UPI Apps, Phone Pe, Google Pay and Paytm accounted for 94.8 per cent of UPI transactions volume and 93 per cent of UPI transactions value as of March 2022, the report showed. The average ticket size (ATS) for UPI P2P (peer-to-peer) transactions was ₹2,455 and ₹860 for P2M transactions (as of March). Credit cards accounted for 7 per cent of transactions, but 26 per cent of value, indicating that customers still prefer to use their credit cards for high value transactions. Debit cards account for 10 per cent of transactions, but 18 per cent in value. The volume has shrunk from previous years likely because of the rise of UPI. As of March, the total number of POS terminals deployed by merchant acquiring banks were 6.07 million with over half a million POS terminals deployed during Q1 2022. The POS deployment witnessed over 28 per cent growth in Q1 2022 compared to a year before. As of March, the total number of Bharat QRs were 4.97 million, a 39 per cent rise as compared to March 2021 while UPI QRs stood at 172.73 million, registering an increase of 87 per cent as compared to March 2021. The total number of credit and debit cards in circulation by the end of Q1 2022 was 991.28 million. As of January, there were about 658 million Internet users and about 1.2 billion mobile subscribers in India. In Q1 2022, consumers made 15.6 billion mobile based payments whereas net banking/Internet browser-based transactions were over 1 billion, the report showed. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/how-to-back-up-and-restore-your-whatsapp-chats-with-google-drive/articleshow/92492128.cms">How to back up and restore your WhatsApp chats with Google Drive</a> <a href="https://www.businessinsider.in/india/news/slow-sowing-wary-global-buyers-can-take-rice-prices-on-the-same-path-as-wheat/articleshow/92489067.cms">Slow sowing, wary global buyers can take rice prices on the same path as wheat</a>

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Axis Bank posts net profit of ₹7,129 cr in March quarter

PTI

Axis Bank Q4 net loss at Rs 1,388 cr

PTI

Axis Bank shares drop nearly 4 pc after Q4 net loss

PTI

Axis Bank share price surges over 6% after earnings reveal that only 9.7% of its loans are exposed to the moratorium

Prabhjote Gill

Axis Bank shares drop over 6 pc after Q4 net loss

PTI

Axis Bank Q3 profit up 4.5 pc at Rs 1,757 cr

PTI

Indian consumers made 9.36 bn transactions worth ₹10.25 trillion in Q1 2022

IANS

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