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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

<keyword id="6355975" type="CITY" weightage="80" keywordseo="Axis-Bank">Axis Bank</keyword> and <keyword id="6653" type="CITY" weightage="80" keywordseo="ICICI-bank">ICICI Bank</keyword> share a similar profile in terms of corporate exposure and funding roads, power companies, etc, still there could be a divide emerging between the two. 
 
The stock performance of the two banks clearly point out the divide as the latest quarter financial performance indicate investors believe that Axis Bank is better place than ICICI. 
 The past year saw Axis outperform ICICI by a huge margin. Axis rose 68.71% in the past year when compared with ICICI, which gained 12.23%. The broader BSE <keyword id="54657" type="CITY" weightage="60" keywordseo="Bankex">Bankex</keyword> rose 21%. 
 
ICICI Bank's March quarter earnings rose 10.2% to Rs 2,922 crore, while Axis reported an 18.36% advance to Rs 2,180.6 crore. 
"Axis' earnings growth for the past few quarters has been at 18% while that of ICICI Bank has been at around 10%. Its growth is almost double, which is driving investors to the stock," Vaibhav Agrawal, Vice President research - banking at Angel Broking told Economic Times, adding "Axis Bank's asset quality has been steady while ICICI Bank has seen a rise in its net nonperforming loans. This has also been a positive for Axis Bank." 
 
Meanwhile, Anish Tawakley, analyst with Barclays, said for ICICI Bank, the slippages from the restructuring book are very high as loan exposures come out of the moratorium. 
 
"In large corporates, there can be some lumpy accounts. Even if the economy picks up, they can see stress as they are highly leveraged,” he told ET. 
Even though Axis and ICICI apparently emerged from their past issues - partly created by the economic slowdown that saw bad loans of the industry's largest bank rise to 1.40% of total assets - investors seem to choose former over latter. 
 
"As far as the impact of NPA additions is concerned, as the bank has previously explained, the higher slippages to NPA have come mainly from the existing restructured portfolio; hence the impact on NII and margins is not significant," an ICICI Bank spokesman told the financial daily. 
 Both ICICI and Axis are run by chips of the same block - <keyword id="45875" type="PERSON" weightage="80" keywordseo="Chanda-Kochhar">Chanda Kochhar</keyword> and <keyword id="6356453" type="PERSON" weightage="80" keywordseo="Shikha-Sharma">Shikha Sharma</keyword> - who rose up the ranks at ICICI under KV Kamath. 
 
The newspaper reported that Sharma, who spent almost three decades at the ICICI Bank Group before moving to head Axis Bank in 2009, showed some aggressive management style by buying Enam Securities for Rs 2,070 crore, while Kochhar spent steadying the ship by pulling back funds from overseas businesses. 
 
"Asset quality continues to be challenging due to the tough operating environment and the economic recovery being slower and volatile," Kochhar said during the post-earnings call. In the past few years, she said. 
 
Kochchar added that restructuring was done keeping in mind assumptions of a possible turnaround in the economy. "But the pick-up in economic activity has been gradual and volatile affecting these companies. Asset quality in 2016 will be better than last year," said Kochhar. 
 
"The asset quality environment continues to be challenging with economic activity being weak," V Srinivasan, executive director at Axis Bank, told ET, adding, “We will have to monitor our exposure."

Indian investors are cozying up to Axis bank. Know why

<ul class="summary-list"><li><keyword id="11971138" type="UNKNOWN" weightage="60" keywordseo="axie-infinity" source="Orion">Axie Infinity</keyword>, a crypto game that lets players earn money, became the top-traded NFT collection, according to the BGA Blockchain Game Report. </li><li>The game, which centers on NFT creatures called Axies, has generated $2.5 billion in trading volume. </li></ul>Axie Infinity, an ethereum-based game where players can earn money by battling colorful creatures, became the top-traded NFT collection during the third quarter, data show. Developed by Vietnamese startup Sky Mavis, <a href="https://markets.businessinsider.com/news/currencies/ethereum-axie-infinity-cryptocurrencies-tokens-slp-axs-markets-2021-8">Axie Infinity</a> drew in $2.08 billion in trading volume from July through September, representing 19% of trading volume in that space, according to the <a href="https://dappradar.com/blog/bga-blockchain-game-report-q3-2021">BGA Blockchain Game Report</a> from Dappradar. And as of the report's publication on October 14, it was more than $2.5 billion. The game's creatures, called Axies, are <keyword id="11901075" type="UNKNOWN" weightage="60" keywordseo="nfts" source="Orion">NFTs</keyword> that can be sold or purchased. NFTs, or non-fungible tokens, are digital representations of artworks and collectibles that exist on a blockchain ledger, similar to <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> and other cryptocurrencies. During the third quarter, the game overtook CryptoPunks and NBA Top Shot - among the most famous NFTs - to claim the title of the most-traded NFT collection ever. CryptoPunks have <a href="https://www.businessinsider.com/cryptopunks-pixelated-avatars-that-millionaires-buy-nft-2021-7">become hot items for millionaires to buy</a>, and payments heavyweight <a href="https://markets.businessinsider.com/stocks/v-stock">Visa</a> in August ventured into the digital-collectibles market by <a href="https://markets.businessinsider.com/news/currencies/visa-cryptopunks-nft-150000-cryptocurrency-blockchain-fungible-token-digital-asset-2021-8">purchasing the CryptoPunk 7610 pixelated avatar for around $150,000</a>."The case can be made for Axie Infinity as the true catalyzer of the play-to-earn revolution," said BGA, adding that the game pulled in $800 million in revenue in the third quarter. Players can earn two types of tokens, Smooth Love Potions and Axie Infinity Shards, through breeding, raising and battling Axies. The SLP and AXS tokens can be used in the game or can be sold on a crypto exchange. The <a href="https://www.coingecko.com/en/coins/axie-infinity">AXS price</a> earlier this month hit an all-time high of $155.88, according to CoinGecko. The <a href="https://www.coingecko.com/en/coins/smooth-love-potion">SLP token</a>'s price reached an all-time high above $0.399 in July but has since pulled back. The broader blockchain industry posted a quarterly increase of 25% in unique active wallets, to 1.54 million. BGA said UAWs are somewhat analogous to daily active users, although individuals can hold multiple wallet addresses.A big driver in that increase came from blockchain-based games with players seeking to earn money. UAWs connected to blockchain games hit 754,000 in the third quarter, or 49% of the whole industry's usage, the report said.

The most-traded NFT collection in Q3 was Pokemon-inspired Axie Infinity as crypto gaming expands

<ul class="summary-list"><li><keyword id="11971138" type="UNKNOWN" weightage="60" keywordseo="axie-infinity" source="Orion">Axie Infinity</keyword>, an ethereum-based game, has seen a boom in popularity and revenue. </li><li>Sky Mavis, the game's creator, saw a jump in revenue to $485 million since July, according to a Bloomberg report. </li><li>The play-to-earn game is popular in emerging <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> that have been hit by the coronavirus pandemic. </li></ul>An ethereum-based game called Axie Infinity has pulled in millions of real-world dollars for the company that created it, with people mostly from developing countries playing with the game's colorful and competitive creatures to try to earn some cash for themselves. Inspired by Pokémon, the Axie Infinity game is experiencing a surge in players seeking to participate in its play-to-earn model. Its growing popularity is part of the reason Sky Mavis, the game's creator, has seen a jump in revenue. The Vietnam-based game studio has logged $485 million in revenue since July, dwarfing the $21 million it had made since launching in 2018, according to <a href="https://www.bloomberg.com/news/articles/2021-08-25/axie-infinity-how-game-is-turning-pandemic-jobless-into-crypto-nft-traders?sref=GUP2BhaG">a report this week by Bloomberg</a>. Daily active users reached more than 1 million in August. Two crypto analysts told Insider's Vicky Ge Huang <a href="https://www.businessinsider.com/crypto-game-axie-infinity-token-surge-nft-craze-opensea-altcoins-2021-8">about three ways to cash in Axie's growth</a>. Players can earn two types of tokens - Smooth Love Potions and Axie Infinity Shards - through breeding, raising and battling virtual creatures called Axies. The SLP and AXS tokens can be used in the game or can be sold on a crypto exchange. Axies are non-fungible tokens, or NFTs, that can be sold or purchased. The Bloomberg report said most players are based in developing countries whose economies were hit hard by the COVID-19 pandemic, including the Philippines, Brazil and Venezuela. In "the pursuit of a new income stream during the COVID pandemic," thousands of people from developing countries have been playing the game, according <a href="https://whitepaper.axieinfinity.com/">to a white paper</a> updated in December on Axie Infinity's website. A jump in the price of AXS has opened the door for people in struggling economies to earn some money. Demand from the Philippines climbed enough for crypto exchange Binance to <a href="https://www.binance.com/en/support/announcement/7c5f8346dcc240c99f79f55582f01e8f">offer an SLP-peso trade,</a> the report said, and there's also the lure of cryptocurrencies in places where local currencies are weak. Players need three Axies to get started but buy-in costs can be pricey, at around $200 for each creature. But sponsors can step in and allow people to play in exchange for a cut of their earnings. Such arrangements have also boosted revenue for Sky Mavis as it takes a cut every time an Axie changes hands and collects a fee when players breed new creatures, the report said. Bloomberg highlighted a player from Manila who in his first two weeks of playing Axie Infinity earned more than 37,000 pesos ($732), or three times what he would have earned at the IT job he was laid off from in July. The game has some detractors, however. Vanessa Cao, founder of venture-capital firm BTX Capital, told Bloomberg the Axie model is unhealthy and unsustainable, with people spending hundreds of dollars upfront to play.

A crypto game has generated $485 million in revenue since July and is drawing flocks of players from developing countries looking to make money

Mumbai, Apr 28 () Private sector lender Axis Bank on Tuesday formally joined peers to have a life insurance joint venture by announcing to raise its stake in Max Life Insurance, the fourth largest player in the life cover space, to 30 per cent for Rs 1,592 crore. The deal, which comes during bleak economic times as the country grapples with the impact of COVID-19 pandemic, was struck due to the opportunity in the life insurance space and also the price at which it could be sealed, Axis Bank's managing director and chief executive Amitabh Chaudhry said. Other large lenders, including HDFC Bank, ICICI Bank and SBI, and also smaller ones have life insurance joint ventures or have promoted companies themselves. According to experts, banks originate a lot of insurance business and "manufacturing" products is more rewarding than merely selling them. India's third largest private sector lender Axis Bank, which already has a minor 1 per cent ownership of the insurer, used to sell Max's policies for over a decade, which has seen 19 lakh customers and over Rs 38,000 crore in premium generated, Chaudhry said. A senior Axis Bank official said the deal includes picking up over 55 crore shares of the insurer at Rs 28.61 per unit, which takes the total deal consideration to Rs 1,592 crore, and underlined that the final figure may wary a bit depending on the date of deal closure. The deal requires nods from the Reserve Bank, Insurance Regulatory and Development Authority and Competition Commission of India, and will take up to six to nine months to consummate. When asked about the timing of the deal, Chaudhry defended the move pointing out to the "big opportunity" that is presented by the life insurance sector and the potential for the upside on the investment presented by the price at which it is signed. It can be noted that the Reserve Bank is pushing lenders not to declare dividends to conserve capital and deploy it for fresh lending, which will be necessary to kickstart the economy once the lockdown ends. Chaudhry said the Max stake buy will dent its overall capital adequacy, which stood at a comfortable level of over 17 per cent, by only 0.10 per cent. Max Life Insurance is a part of the listed Max Financial Services Ltd (MFSL), a diversified financial services company. In a regulatory filing, Max said that the consideration payable by Axis Bank for purchase of the shares shall be arrived basis the valuation of Max Life conducted as per Rule 11UA read with Rule 11UAA of the Income-tax Rules, 1962. Upon the closing of the deal, MFSL will have the right to nominate four directors on the Max Life board, while Axis Bank will have the right to nominate three directors. One nominee director of the promoter group on the board of MFSL shall be a person identified by Axis Bank. Chaudhry denied speculation about the stake being raised in the future by the bank, including murmurs of a complete takeover, saying there are no such plans. At present, products sold through the bank reportedly contribute for 54 per cent of Max Life's revenues. On February 20, a tri-party agreement was signed between Axis, MFSL and Max Life to explore the possibility of a long-term strategic partnership between Axis Bank and Max Life. At present, MFSL holds 72.5 per cent stake in Max Life and Japan-based Mitsui Sumitomo Insurance (MSI) owns 25.5 per cent stake. 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 MFSL, an official statement said. "MFSL 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 MFSL and Axis Bank," it explained. Against the 30 per cent stake, Axis Bank's name will be included in Max Life's tag line. 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. MFSL shares gained 5.14 per cent to close at Rs 475.80 apiece on the BSE, while Axis Bank stock surged 6.61 per cent to close at 455.55 per unit, as against gains of 1.17 per cent on the benchmark. AA DP MKJ

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

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Indian investors are cozying up to Axis bank. Know why

BI India Bureau

The most-traded NFT collection in Q3 was Pokemon-inspired Axie Infinity as crypto gaming expands

Carla Mozée

A crypto game has generated $485 million in revenue since July and is drawing flocks of players from developing countries looking to make money

Carla Mozée

Axis Bank to buy 29% stake in Max Life for Rs 1,592 crore

PTI

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