Axis Bank Rating

The current edition is focused on the broader theme of 'Indian SMEs: Shifting Gears for Next Level Growth'

Axis Bank on Monday said its net profit nearly doubled to Rs 4,125 crore in the April-June quarter of FY23, helped by decline in bad loans. The private sector bank had registered a net profit of Rs 2,160 crore in the corresponding quarter of the previous fiscal. Total income of the bank rose to Rs 21,727.61 crore during April-June quarter of the current fiscal, compared to Rs 19,361.92 crore in the year-ago period, Axis Bank said in a regulatory filing. The lender's asset quality improved as gross Non-Performing Assets (NPAs) declined to 2.76 per cent as on June 30 this year, from 3.85 per cent a year ago. Net NPAs or bad loans slipped to 0.64 per cent of net advances furnished by June-end from 1.20 per cent a year earlier. As a result, provisions other than tax and contingencies declined manifold to Rs 359.36 crore as against Rs 3,302 crore in the same period a year ago. On a consolidated basis, Axis Bank posted a 84 per cent jump in net profit to Rs 4,389.22 crore for the repo

As the competition heats up between banks and the new-age fintech firms, large banks with healthy operational perfomances and strong balance sheet will continue to grow faster than the industry, Axis Bank MD&CEO Amitabh Chaudhry said in the annual report 2021-22 released on Wednesday. With a number of transformation driven initiatives like One Axis and stepping up of investments on technology among others, he said these are the steps for building a 'Bank of Bharat'. "....raising the bar on customer obsession with our project 'Sparsh', and the contracted acquisition of Citi's India consumer business continue to push our agenda in the right direction," Chaudhry said in his statement to the shareholders of the bank. He said there has been intense competition between the incumbent banks and new age fin-tech companies to win the hearts and minds of customers. "In such an environment, the large banks with healthy operational performance, strong balance sheet and capital position, ...

With inflation remaining at elevated levels, RBI may gradually increase the benchmark lending rate to about 5.75% by the end of this fiscal, Axis Bank chief economist Saugata Bhattacharya said

Axis Bank's failure to honour a guarantee it issued is not a default and thus, does not affect the bank's long-term rating: Fitch