Private sector lender Axis Bank reported a 16 per cent year-on-year (y-o-y) fall in net profit to Rs 1,306 crore in the June quarter (Q1) on the back of flat net interest income (NII). NII, which is interest earned minus interest expended, rose 2.2 per cent in Q1 to Rs 4,616 crore from Rs 4,517 crore a year ago. However, non-interest income at Rs 3,000 crore, up 9.6 per cent y-o-y in Q1, came in handy for the bank.

Net interest margins (NIMs; a key profitability indicator) stood at 3.63 per cent in Q1 against 3.67 per cent in the corresponding quarter last year. The dip in NIMs was due to customers migrating to marginal cost of funds-based lending rate or MCLR. The bank guided for another 20-basis point (bp) reduction going ahead.

BENGALURU: Axis Bank is set to incorporate solutions around lending, operational efficiency and tax-planning, which are developed by startups from the first cohort of its accelerator programme.

The bank, which ran its first accelerator programme with six startups, has selected three - Pally, FintechLabs and Gieom -to use their solutions for its specific-use cases.

HDFC Bank Ltd. is threatening to end Axis Bank Ltd.’s decade-long reign as the largest arranger of rupee-denominated corporate bonds as sales climb to a record for a third straight year.

India’s most valuable bank has managed 481.5 billion rupees ($7.5 billion) of offerings so far this year, jumping 11 notches from 2014 to number two on Bloomberg’s league table. The lender is 95 billion rupees away from claiming the top slot, the data show.

Axis Bank on Monday claimed that it stood at second position in the card acceptance industry, with a point of sale (POS) installation base of over 4,33,000 in the country.

The bank, in 2016-17, acquired more merchants (2,18,000) than in the previous four fiscal years, underscoring its commitment to electronic payments, Sangram Singh, Head-Cards and Payment business, Axis Bank, said today.

As the higher engine displacement superbikes catch fancy of the Indian consumer, Axis Bank on Wednesday introduced a special loan product, offering to fund up to 95 per cent of the costs.

The loans, which are for motorcycles with an engine displacement of over 500 cubic centimetres (cc), will come at a price tag of 10-11 per cent per annum.

Axis Bank on Thursday said the bank has exposure to eight of the 12 accounts mandated by the Reserve Bank of India (RBI) to be sent to the National Company Law Tribunal. In a regulatory filing, the bank said while its total fund-based outstanding on the eight accounts stood at Rs 5,071 crore and non-fund based outstanding was at Rs 212 crore, around 80% of the outstanding was secured. “Against this outstanding, the provision held was Rs 2,497 crore,” it said.

Axis Bank was up 4.5% to Rs 514 on the National Stock Exchange (NSE) in intra-day trade after the bank said around 80% of its debt exposure to eight of the 12 stressed accounts referred in Reserve Bank of India (RBI) directions on June 15, 2017.

The RBI issued directions in their communication dated 15 June 2017 advising banks to initiate insolvency resolution process in select accounts under the provisions of the Insolvency and Bankruptcy Code, 2015 (IBC).

Axis Bank’s proposed Rs 5,000-crore debt sale could be priced at a coupon of 7.66%, three sources familiar with the placement said on Wednesday. The tenure of the securities is likely to be 10 years, and the issuance may take place by the end of this week. Ratings agency Crisil has assigned its ‘CRISIL AAA/Stable’ rating to the Rs 5,000-crore Tier-II bonds (under Basel III) of the bank. It has reaffirmed its ratings on the bank’s existing debt instruments at ‘CRISIL AAA/CRISIL AA+1/Stable/CRISIL A1+’. “The overall ratings reflect Axis Bank’s strong capitalisation, healthy resource profile, and comfortable earnings.

Following other prominent banks, the country's third largest private sector lender Axis Bank on Thursday announced 30 basis points (bps) reduction in its home loan interest rates to promote affordable housing finance.

"Taking forward its commitment towards affordable housing finance, the bank has revised its rates for home loans up to Rs 30 lakh for the salaried segment to 8.35 per cent, the lowest in the industry," the bank said in a statement here.

MUMBAI: Taking a cue from its larger rivals, private sector lender Axis Bank on Thursday announced a rate cut of up to 0.30 per cent for home loan borrowers.

Under the new rates, which are effective from May 16, the rate of home loans under Rs 30 lakh by salaried borrowers has been cut by 0.30 per cent to 8.35 per cent, the bank said in a statement. The move comes a week after the country's largest lender SBI cut its rates by up to 0.25 per cent for loans of under Rs 30 lakh.

Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.