Axis Bank Results

In March 2022, Axis Bank said it would purchase Citi's retail business in a transaction worth Rs 12,235 crore

According to analysts, Axis' earnings beat was led by NIM expansion, and credit cost being restricted at less than 20 bps

Axis Bank Q1 Results: In FY22, the bank doubled its net profit to Rs 13,025 crore. The operating profit of the bank grew by 13 per cent YOY & 5 per cent QOQ, in Q4FY22

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

Lender's board recommends dividend of Rs 1 per equity share for the year ended 31 March, 2022.

The lender may see single-digit loan growth, deterioration in asset quality, and slippages at 4.5 per cent of loan book

NII has grown 20 per cent to Rs 7,326 crore in the July-September quarter of FY21, compared to Rs 6,102 crore in the corresponding period of last financial year

The results outcome have seen profit booking on the gap up opening

Axis' credit costs for the quarter ended March 31, 2020 are higher than anticipated, but some of it is precautionary

Historically, Q4 is the first time since March 2018 that the bank has dipped into losses of this magnitude because of the provisioning cost

the bank reported a 17 per cent increase in its operating profit at Rs 5,851 crore in the March quarter

The private lender's net interest income (NII) came in at Rs 6,808 crore for the period under review

Here are the top 10 headlines on Tuesday

Analysts at MOFSL believe the Mumbai-based bank's credit cost may stay elevated led by higher slippages. Besides, asset quality could witness some pressure along with modest loan growth.

The bank's net interest income, which grew 15.15 per cent, met D-Street estimates. It's standalone NII stood at Rs 6,452.98 crore over an NII of Rs 5,603.7 crore clocked in Q3FY19.

On the asset quality front, the Mumbai-based bank reported gross non-performing assets at Rs 30,073 crore for the recently concluded quarter. This was up 3.4 per cent QoQ

The stock closed lower by 0.7 per cent at Rs 712.7 per share on BSE

During the quarter under review, the counter has outperformed the benchmark S&P BSE Sensex by surging 10.12 per cent, as against a 6.6 per cent gain in the index.

Better share of retail assets, improved underwriting standards were the positives of his first year as MD & CEO; asset quality not turning around briskly was a blip