Page 8 - Axis Bank

Axis Bank Q2FY24 result: Net profit up 10% at Rs 5,864 crore, NII up 19%

Axis Bank's gross non-performing assets (NPAs) stood at 1.73% as compared to 1.96% in the previous quarter

Markets fall for 5th day; Sensex sheds 523 pts, Nifty ends near 19,100

Closing Bell on October 25, 2023: In the broader market, the BSE MidCap index slipped 0.52 per cent and the BSE SmallCap 0.77 per cent as against the frontline indices' 0.8 per cent decline

Stocks to Watch today: Axis Bank, Tech M, Vedanta, Delta Corp, ONGC, NDTV

Stocks to watch on Wednesday, October 25, 2023: The Bombay High Court has directed the Directorate General of GST Intelligence, Hyderabad, to not pass a final orders against Delta Corp

Sony-Zee merger may be finalised by November despite appeals from banks

IDBI Bank and Axis Finance have both filed pleas National Company Law Appellate Tribunal (NCLAT) challenging the merger

Close-ended alternative investment funds outperform: PMSBazaar data

An alternative investment fund (AIF) is a sophisticated investment vehicle for the wealthy which typically has a minimum investment of Rs 1 crore

Zee-Sony case: NCLAT defers hearing over IDBI, Axis Finance plea to Oct 31

The NCLAT on Friday adjourned the hearing to October 31 on pleas filed by IDBI Bank and Axis Finance against the merger of Zee Entertainment Enterprise with Culver Max Entertainment, formerly Sony Pictures Networks India. The National Company Law Appellate Tribunal (NCLAT) did not issue notice over the petitions filed by the private lender and the non-banking financial company (NBFC). However, it said that Zee Entertainment Enterprise Ltd (ZEEL) may file a response to both petitions, if needed. Both have challenged the August 10, 2023, order of the Mumbai bench of the National Company Law Tribunal (NCLT) to approve the merger. Earlier, the NCLT on August 10, 2023, approved the proposed merger, which would create the largest media entity in the country. While approving the merger, the NCLT in its order, dismissed some applications moved by financial institutions opposing the move, including IDBI Trusteeship, IDBI Bank, Axis Finance, JC Flowers Asset Reconstruction Co and Imax ...

Axis Bank, Fibe partner to launch India's first numberless credit card

The card offers cashback of a flat 3 per cent on online food delivery across all restaurant aggregators and local commutes on leading ride-hailing apps

Upping WhatsApp's payload: How Meta is monetising users in India

Its might in India is at the forefront of Meta's drive to monetise messaging with payments

Axis Bank plans to extend its network in Gujarat by adding 28 more branches

Axis Bank plans to extend its branch network in the state by adding 28 more branches and 69 new ATMs this financial year, as it aims to enhance accessibility for the people of Gujarat. The lender opened its 5000th branch in Ahmedabad city on Tuesday, 29 years after it launched its first branch in the same city. Chief Minister Bhupendra Patel inaugurated the new branch. Axis Bank MD and CEO Amitabh Chaudhri and other senior officers were also present on the occasion. The bank has 389 branches in Gujarat, out of which 147 branches are in the metro, 60 in urban regions, 106 in semi-urban, 18 in rural and 58 in unbanked rural regions. The Bank's very first branch was opened here in 1994, then known as UTI Bank. This first branch was inaugurated by former Prime Minister, Manmohan Singh, Axis Bank said in a statement. "The bank plans to extend its branch network in the state by adding 28 more branches and 69 new ATMs in this fiscal year. This strategic expansion demonstrates Axis Bank's

Axis Bank's infusion will give Max Life enough capital for 2 yrs: Tripathy

This deal was for Axis Bank to go up to 20%, and in the first tranche they had done 13 and 7 more was to go

Axis Bank launches NEO for Business transaction banking platform for MSMEs

India currently has over 65 million MSMEs which contribute over 30 per cent to India's gross domestic product

Axis Bank investment banking unit's co-CEO Chirag Negandhi resigns

Axis Capital, one of the country's biggest investment banking firms, has been a part of some successful initial public offerings over the past year, including Cyient DLM, Mankind Pharma, Bikaji Food

Citi India FY23 profit jumps threefold Rs 13,614 crore on retail arm sale

Citi's total assets stood at Rs 2,17,302 crore as at March 31, 2023. Citi concluded the deal with Axis Bank in March this year

Retail unit sale propels Citi India FY23 net profit to Rs 13,614 crore

American lender Citi's FY23 net profit from India operations zoomed to Rs 13,614 crore on the back of the retail unit's sale to Axis Bank. Excluding the Rs 8,914 crore one-time gain of the unit, the lender reported a net profit of Rs 4,700 crore, which was a 26 per cent growth over the Rs 3,727 crore it reported for FY22. Its revenue net of interest expense grew 16 per cent, a Citi statement said on Tuesday, without disclosing the exact figure. The net interest margin expanded to 5.15 per cent during the reporting fiscal, as against 4.65 per cent in the previous fiscal, proving to be an important driver of profit growth, it said. On the asset quality front, the bank reported an improvement with the gross non-performing assets ratio coming down to 0.41 per cent as against 1.07 per cent in the year-ago period. Citi concluded the sale of its consumer banking business to Axis Bank during the fiscal in a Rs 11,603-crore deal. Citi said in the statement that the gain of Rs 8,914 crore i

Axis Bank launches 'Infinity Savings Account' with zero transaction fees

The bank offers two subscription-based flexible plans: Monthly and Annual

Axis Bank launches new paid saving a/c with no charges for services

Moving towards subscription-based accounts, Axis Bank on Tuesday launched a paid savings account where the customer will not be charged for many services and will not be required to maintain a minimum balance. Customers will be charged Rs 150 per month or the discounted Rs 1,650 per year for what has been christened as 'Infinity Savings Account' by the third largest private sector lender. At present, a majority of the banks insist on a minimum balance for having a savings account, and charge holders a fee whenever the balance drops below the threshold. They also charge for extending services like SMS alerts, printing passbooks etc. A few players like Fino Payments Bank, do charge an annual account maintenance fee of the kind which Axis Bank is introducing with the new account. Axis Bank said it is targeting the digitally savvy customers - who are frequent adopters of subscription-based offerings - with the new account variant. By incorporating the principles of subscription-based

Max Financial Services zooms 6% as over 10 mn shares change hands

Till 10:05 AM, a combined 13.49 million shares had changed hands on the counter on the BSE and NSE, representing nearly 4 per cent of the company's equity

Axis Bank's Neelkanth Mishra appointed as UIDAI's part-time chairman

The chairperson and the members appointed under the Aadhaar Act hold office for a term of three years or up to the age of sixty-five years, whichever is earlier

Axis Bank partners Cleartrip to give travel benefits to credit card holders

Under this collaboration, customers will be provided with an array of privileges for domestic flight bookings, including discount on booking seats up to Rs 1,200, and free meals up to Rs 500

CCI slaps Rs 40 lakh fine on Axis Bank over acquisition of stake in CSC

The Competition Commission of India (CCI) has slapped a fine of Rs 40 lakh on Axis Bank for failing to notify the regulator about its acquisition of a stake in CSC e-Governance. The transaction under consideration comprised acquisition of a 9.91 per cent stake in CSC e-Governance by Axis Bank and got completed in November 2020, the CCI said in an order. For the transaction, Axis Bank was required to give notice to the fair trade regulator. However, it failed to do so, according to the order. "It is apparent that the acquisition of stake in CSC e-Governance by Axis Bank was neither solely as an investment nor can be considered to be in ordinary course of business. "Therefore, the AxisCSC e-Governance acquisition is not eligible for the benefit of the Item 1 of Schedule I (combination regulation) and accordingly, it is immaterial whether the transaction led to acquisition of control or not," the regulator said. Thus, CCI observed that no determination is warranted whether the ...