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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

Mumbai, Apr 3 () Moody's Investors Service on Friday placed private sector lender Indusind Bank's ratings under review for downgrade and cut its outlook on ICICI Bank, Axis Bank and IDBI Bank by a notch due to asset quality concerns in the current challenging times.The global ratings agency also affirmed the deposit ratings of ICICI Bank, Axis Bank and IDBI Bank.The ongoing COVID-19 crisis is bound to have a major impact on various sectors, including banks, according to experts. The RBI has already moved by offering a three-month moratorium on loan repayments.The review for downgrade of IndusInd's ratings reflects the downside risks to asset quality amid the deteriorating macro environment and financial market volatility, the agency said in a note.The proportion of microfinance and vehicle finance for IndusInd Bank is higher than the peers and these loans have a high risk of getting impacted due to the current stress as they have limited capacities to repay, it said.The bank's funding is also weak when compared to other rated Indian banks, as reflected by its high deposit concentration and low share of retail deposits, the agency said, adding this makes the bank more susceptible to the dislocations in the financial markets, including on wholesale funding sources.Meanwhile, the outlook on Axis Bank and ICICI Bank's ratings has been revised down to negative from stable, while the same for the LIC-run IDBI Bank has been made "stable" from "positive" earlier.The agency attributed that the changes in outlook are driven by potential deterioration in asset quality."The economic shock, resulting from the nationwide lockdown will exacerbate existing negative pressures on asset quality from the already deteriorating operating environment prior to the outbreak," it explained.ICICI Bank and Axis Bank may stand to suffer because of their exposures to the small and medium enterprises, given the fact that such businesses have limited liquidity buffers to withstand difficulties, it said.The rating agency also said that retail loans, especially the unsecured ones like credit cards can also face reverses if the salaries of borrowers suffer as a result of the lockdown.For IDBI Bank, it acknowledged that very low new business origination provides a cushion, but flagged risks from poor loan underwriting standards.The agency has also lowered its assumption of systemic support for ICICI Bank and Axis Bank to 'moderate' from 'high', resulting in a one-notch downgrade of their counterparty risk assessments and local currency counterparty risk rating, it said. AA MKJ

Moody's cuts outlook on Indian banks over asset quality concerns

New Delhi, Apr 28 () Axis Bank has decided to raise its stake in Max Group promoted Max Life Insurance to 30 per cent, a development which values the insurer at over Rs 5,000 crore.With the deal going through, sources said, the bank is expected to pay Rs 1,600 crore to Max Financial Services (MFS), the holding company of Max Life. Axis Bank holds about 1 per cent stake in Max Life and is the biggest banking channel partner for distribution of its products. Products sold through the bank reportedly contribute for 54 per cent of Max Life's revenues.The boards of Axis Bank, MFS and Max Life approved the transaction late on April 27, a joint statement said on Tuesday."This is an outcome of the inter-se discussions after the three companies had signed a confidentiality and exclusivity arrangement on February 20, 2020 to explore the possibility of a long-term strategic partnership between Axis Bank and Max Life," it said.Interestingly, the deal comes at a time when the economy is hit by COVID-19 crisis impacting all sectors of the economy including the financial sector.It is to be seen how the sectoral regulators including the Reserve Bank of India (RBI) and Insurance Regulatory and Development Authority of India (IRDAI) deal with the proposed transaction in these difficult times. MFS holds 72.5 per cent stake in Max Life and Japan-based Mitsui Sumitomo Insurance (MSI) owns 25.5 per cent stake. The joint venture arrangement will significantly improve Max Life's position vis-a-vis its competitors, including the other large banks owned life insurers, it said."The development will result in a mutually beneficial and enduring relationship between Axis Bank and Max Life and bring the stability of a long term partnership to India's fourth largest private life insurance franchise," it said.The proposed transaction with Axis Bank follows the ongoing swapping by MSI of 20.6 per cent stake that it holds in Max Life with a 21.9 per cent stake in MFS, it added."MFS also plans to purchase MSI's balance stake in Max Life. Post completion of the series of transactions, Max Life will become a 70:30 joint venture between MFS and Axis Bank" the statement said.The proposed transactions are subject to approval of requisite corporate and regulatory authorities including IRDAI, RBI and the Competition Commission of India, it added.With regard to branding, it said, Max Life's tag line will include Axis Bank's name, which will further enhance customer trust in the brand and highlight the strength of the partnership.The two companies have had a successful business relationship for over a decade, providing long term saving and protection products to over 19 lakh customers, it said.The total premium generated through this relationship has aggregated to over Rs 38,000 crore, it said, adding, both companies have invested extensively in product and need-based sales training, thereby leading to consistent increase in productivity.It is to be noted that Max Life had made an attempt to merge with HDFC Life in 2017 which failed as they did not receive regulatory approval due to reported complexity of the deal.Interestingly, the deal was then brokered by the then HDFC Life CEO Amitabh Chaudhry who is now the CEO of Axis Bank. Following failure of the deal, Max Group made several attempts to sell part of its stake. However, it did not meet success.Announcing the transaction, Axis Bank CEO Amitabh Chaudhry said, "We continue to believe in the long-term prospects of India's under-penetrated life insurance space, current environment notwithstanding. We see this joint venture creating immense value for our stakeholders given our long-standing, high performing partnership with Max Life."This transaction will help deepen working relationship leading to better integrated teams and infrastructure and a superior alignment in approach, he added.Max Group founder and Chairman Analjit Singh said, "I believe that in Axis, we have found an exceptional partner and we have conviction that this will make Max Life fundamentally stronger, better performing and will bring stability to the franchise. We will run the organization as if it's an equal partnership, a philosophy which has held us in good stead earlier as well."Virtually all major banks in the country have a presence in the insurance segment through joint ventures with foreign players, as banks' ability to distribute products gives them an edge in the sector that delivers one of the best profitability ratios over a long term. DP ANUANU

Axis Bank to pick about 30 pc stake in Max Life Insurance for Rs 1,600 cr

New Delhi, Jun 26 () S&amp;P Global Ratings on Friday lowered its ratings on Axis Bank due to increased economic risks for banks operating in India. S&amp;P also put Indian Bank ratings on 'Credit Watch' because it expects a high risk that the public sector bank's credit profile could weaken over the coming quarters due to COVID-19 as well as the merger with the weaker Allahabad Bank. "We lowered our ratings on Axis to reflect our expectation that heightened economic risks facing India's banking system will affect the bank's asset quality and financial performance. While Axis' asset quality is superior to the Indian banking sector average, its level of non-performing assets (NPAs) will likely remain high compared to international peers'," S&amp;P said. It expects the bank to maintain its strong market position and adequate capitalisation. The stable outlook reflects our view that our ratings on Axis already factor in some deterioration in the bank's asset quality and performance over the next 12 months. The agency said economic conditions have turned adverse for Indian banks due to COVID-19 and drastic efforts to curtail the spread of the virus have resulted in a sharp economic contraction. "The government's stimulus package, with a headline amount of 10 per cent of GDP, has about 1.2 per cent of direct stimulus measures, which is low relative to countries with similar economic impacts from the pandemic. The remaining 8.8 per cent of the package includes liquidity support measures and credit guarantees that will not directly support growth," S&amp;P added. It has forecast a 5 per cent contraction in the economy in fiscal 2021. S&amp;P expects tough operating conditions to lead to a rise in non-performing loans (NPLs), credit costs, and delays in recoveries for the banking system. "In our base case, we expect the weak assets of Indian banks to shoot up to 13 -14 per cent of gross loans by March 31, 2021. Our forecast is higher than the peak of 11.6 per cent witnessed in fiscal 2018, and about 8.5 per cent estimated as on March 31, 2020," S&amp;P said. The agency said it anticipates the resolution of weak assets to be delayed until at least fiscal 2022. Consequently, banks will likely be saddled with a large stock of weak loans in fiscal 2022 too. "Steps taken by the government and the central bank should provide some respite by delaying recognition of some of the weaker loans, in our view," S&amp;P noted. JD BAL BAL

S&P lowers Axis Bank rating on increased economic risks for banks

You all have experienced how most ATM outlets you visited are running out of money and you got utterly frustrated by <keyword id="6354642" type="PERSON" weightage="20" keywordseo="Modi">Modi</keyword>’s demonetisation policy. Well don’t expect an immediate respite from the problem. You need to get immuned to the treatment. <a href="http://www.businessinsider.in/Heres-why-most-ATMs-are-out-of-cash-and-would-continue-to-be-so-till-a-few-days/articleshow/55398257.cms">Here's why ATMs are running out of money</a> 
 
The supply of currency through ATMs will continue to be for limited hours as most machines will be disbursing only Rs 100 notes. Monday, being Guru <keyword id="65286" type="UNKNOWN" weightage="20" keywordseo="Nanak-Jayanti">Nanak Jayanti</keyword>, there will be extra pressure on ATMs as the banks will be shut. Even though ATMs were cleared of old notes, overall shortage will keep continuing. 
 "We will recalibrate ATMs for the new currency notes on Monday. This will have to be done physically with each machine and in two to three weeks we should be able to finish work on a large number of ATMs," <keyword id="1666548" type="UNKNOWN" weightage="20" keywordseo="Navroze-Dastur">Navroze Dastur</keyword>, MD, <keyword id="270244" type="COMPANY" weightage="20" keywordseo="NCR-India">NCR India</keyword> told The Economic Time. NCR has installed over one lakh ATMs in India and also operates ATMs on behalf of banks. 
 <keyword id="55942" type="PERSON" weightage="20" keywordseo="Rajiv-Anand">Rajiv Anand</keyword>, executive director of <keyword id="6355975" type="CITY" weightage="20" keywordseo="Axis-Bank">Axis Bank</keyword> told the ET that the availability of the new Rs 500 notes will be a big relief as the Rs 2,000 notes won't help in everyday transactions, resulting in a higher demand for Rs 100 notes. Axis Bank, meanwhile, has waived surcharge on debit card payments made at petrol pumps until November 25.

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

PTI

Moody's cuts outlook on Indian banks over asset quality concerns

PTI

Axis Bank to pick about 30 pc stake in Max Life Insurance for Rs 1,600 cr

PTI

S&P lowers Axis Bank rating on increased economic risks for banks

PTI

ATMs will not show much hope until end of this month. Here’s why

BI India Bureau

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