Tag: Axis bank

Axis Bank gains more than 9% despite disappointing Q4 results

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Axis Bank crawled up to be the top index gainer, gaining by more than 9%, 9.21%.  in Friday’s session after slumping 10% in the pre-open and losing nearly 2% as soon as the market opened.

The bank stock extended gains despite the earnings.

In a short span of time, the stock recovered by 8% from its lows after losing more than a percent in the opening and nearly 10% in the pre-opening session.

The stock was volatile in the intital trade but from 9:33 am, it became among the top Nifty gainers by gaining more 4%, recovering from the losses.

Axis Bank crawled up to being the top gainer for both the indices and did not show volaitility post the initial trades.

The bank reported its fourth-quarter earnings with a net loss of Rs 2,188 crore in March quarter against the profit of Rs 1,225 crore in the corresponding quarter last year.

Country’s third largest private sector lender’s gross non-performing assets (NPAs) during the quarter deteriorated to Rs 34,248. 64 crore, at 6.77% of total loans.

The regulatory guidelines by the Reserve Bank of India (RBI) has forced the bank to recognise other accounts as bad loans that led to the Q4 loss, said Shikha Sharma, MD and CEO.

The stock, however, is gaining despite the results and not meeting the expectations of a profit.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Higher provisions for bad loans resulted in Q4 loss, says Shikha Sharma

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

The regulatory guidelines by the Reserve Bank of India (RBI) has forced the bank to recognise other accounts as bad loans that led to the Q4 loss, said Shikha Sharma, MD and CEO.

“We have made provisions for over 65% for all borrowers in bankruptcy court. Large part of power sector slippage has happened in Q4 and outstanding power sector exposure is about Rs 9,000 crore, 40% of that is non-performing,” said the Axis Bank management.

Country’s third largest private sector lender’s gross NPAs during the quarter deteriorated to Rs 34,248. 64 crore, at 6.77% of total loans.

The outgoing CEO of Axis Bank said that bank’s bet on infrastructure haven’t given expected results and that is also one of the reasons for its quarterly loss, “We made some significant bets on the infrastructure which didn’t turned out well.”

Sharma pinned hope on new NPA rules, “The new NPA rules will usher in a much better credit culture. With a functioning bankruptcy law, it makes sense to move forward on recognition and resolution.”

She also added that bank has changed the strategy from project business to high rated business.

Axis Bank on Thursday reported a net loss of Rs 2,188 crore in March quarter against profit of Rs 1,225 crore in the corresponding quarter last year.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Axis Bank’s Q4 loss at Rs 2,188 crore; slippages rise 3-fold

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Axis Bank on Thursday reported a net loss of Rs 2,188 crore in March quarter against profit of Rs 1,225 crore in the corresponding quarter last year.

Bank’s advances stand at Rs 4.3 lakh crore, up 18% Y-o-Y and deposits at Rs 4.5 lakh crore, up 9% Y-o-Y.

Country’s third largest private sector lender’s gross non-performing assets (NPAs) during the quarter deteriorated to Rs 34,248. 64 crore, at 6.77% of total loans.

Provisions for bad loans jumped to Rs 7,179.53 crore compared to Rs 2,811 crore in the previous quarter.

Slippages for Q4FY18 stood at Rs 16,536 crore and Rs 13,938 crore slippages came from corporate lending.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow