Private lender Axis Bank on Thursday fixed the floor price for its qualified institutional placement (QIP) issue at at Rs 661.50 per equity share. The private lender has said that the board will meet again on September 25 to approve QIP issue to investors.

The bank, in an exchange filing, has also said that a discount of 5 per cent can be offered on the base price at the discretion of the board.

Axis Bank’s net profit jumped 95% year-on-year (y-o-y) to Rs 1,370.08 crore for the April-June period against Rs 701.09 crore in the corresponding quarter last year.

The private lender witnessed a 13.1% y-o-y rise in net interest income (NII) at Rs 5,844 crore. NII is the difference between interest earned and interest paid by a bank. The private lender’s shares fell 2.58% intraday, before settling at Rs 706.55 per share, down 1.82%.

Mumbai: Private-sector lender Axis Bank is expected to report a net profit of ₹1,855 crore for the June quarter of FY20 compared with a net profit of ₹701.09 crore in the year-ago period, according to a consensus estimate of 23 analysts polled by Bloomberg.

MUMBAI: Axis Bank, the fourth largest credit card issuer in the country, Thursday tied up with e- commerce major Flipkart to launch a co-branded credit card and is aiming to sell 1 million of the new card in a year.

The new co-branded card comes weeks after American lender Citi launched a similar offering by tying up with payments major Paytm.

Axis Bank has picked banks, including Citigroup and JPMorgan Chase, to arrange a planned share sale of at least $1.3 billion, according to people with knowledge of the matter.

India’s third-largest private sector lender has also selected Credit Suisse Group, BNP Paribas, HSBC Holdings, UBS Group and Axis Capital for the proposed offering, the people said, asking not to be identified.

Axis Bank’s (AXSB’s) annual report analysis reveals the bank’s focus on improving its earnings metrics and asset quality. As part of its FY20-22 strategy, AXSB targets an RoE of 18% by FY22, with credit cost, opex and business mix identified as the key drivers for the achievement of this goal. Digital initiatives at the bank are gaining traction, with 43% of its personal loans sourced digitally versus 22% in FY18.

The Enforcement Directorate (ED) on Monday attached movable and immovable properties worth Rs 2.95 crore of Puneet Jain, Hemraj Singh, Vinod Deshmukh, Rajeev Singh Kushwaha, Mehfooz Khan, Pravesh Kumar Gandhi and others in a money laundering case relating to Axis Bank demonetised currency conversion case.

Axis Bank on Thursday swung to a profit of Rs 1,505.06 crore for the three months to March 2019 against a loss of Rs 2,188.74 crore in the corresponding quarter a year ago. The bottomline was driven by strong net interest income growth and a sharp drop in provisioning for bad loans. The private lender witnessed a 20.63% y-o-y rise in net interest income (NII) to Rs 5,706 crore. Provisions fell 62.23% y-o-y to Rs 2,711.43 crore.

Axis Bank wants to take the number of its branches in the country to 5,000-5,500 which will bring it on par with the country’s top two private lenders in branch strength. While the top two private banks — ICICI Bank and HDFC Bank — have slowed down the pace of bank expansion, Axis Bank will continue its branch expansion strategy, Amitabh Chaudhry, MD & CEO, Axis Bank, said. In the next three to four years, we will add 400 to 500 branches, Chaudhry said. Once it reaches 5,000-5,500 branches, the expansion will come down, he added.

Axis Bank’s newly inducted Chief Executive and Managing Director Amitabh Chaudhry is reworking the organisation’s structure, adding new roles as part of its larger growth strategy.

With a plank of “One Axis”, to project a combined offering from parent (bank) and its subsidiaries, it is giving a thrust on synergy to get more share in customer wallet.

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