Results for: Axis Bank

The Reserve Bank of India (RBI) has imposed penalties on HDFC Bank and Axis Bank for non-compliance with various regulations, including those related to interest rates, customer service, KYC procedures, and agricultural lending. HDFC Bank was fined for offering gifts exceeding ₹ 250 crore to depositors, opening savings accounts for ineligible entities, and violating customer contact time regulations. Axis Bank was penalized for opening savings accounts for ineligible entities, violating customer identification code guidelines, and failing to adhere to collateral security requirements for agricultural loans.

Paytm’s UPI services will no longer operate after March 15, 2024, as the Reserve Bank of India (RBI) has restricted Paytm Payments Bank from receiving funds. Paytm has partnered with major banks and is now authorized as a Third-Party Application Provider (TPAP) to continue providing UPI services. Users with ‘@paytm’ UPI handles will need to switch to new handles ending with ‘@ptsbi’ (SBI), ‘@pthdfc’ (HDFC Bank), ‘@ptaxis’ (Axis Bank), or ‘@ptyes’ (Yes Bank). This change will ensure uninterrupted UPI payments and compliance with RBI regulations.

Axis Bank has emerged as the fourth-largest lender in India in terms of market capitalization, surpassing Kotak Mahindra Bank. This shift was prompted by a steep decline in Kotak Mahindra Bank’s share price following regulatory sanctions imposed by the Reserve Bank of India (RBI). Axis Bank’s market cap reached Rs 3,42,488.70 crore on Thursday, while Kotak Mahindra Bank’s fell to Rs 3,29,597.28 crore.

Axis Bank reported a significant increase in its consolidated net profit during the March 2024 quarter, leading to a rise in its stock price. The bank’s net profit for the quarter stood at Rs 7,599 crore, a remarkable growth compared to the previous year’s loss. This positive performance contributed to Axis Bank emerging as the biggest gainer among the BSE Sensex and NSE Nifty firms.

Axis Bank, LTIMindtree, Kotak Mahindra Bank, Nestle India, IndusInd Bank, Zee Entertainment, Delhivery, AU Small Finance Bank, Dalmia Bharat, RailTel, V-Guard Industries, PVR INOX, STL, Motherson Sumi, and Motilal Oswal AMC released their quarterly earnings reports this week. Industry news includes updates on the Lodha Group, CPPIB’s stake in Delhivery, and the upcoming launch of ad-free movies by PVR INOX.

Private sector lender Axis Bank has reported a robust financial performance for the fourth quarter and full fiscal year 2023-24. The bank recorded a significant jump in net profit, total income, and net interest income for the quarter ended March 31, 2024, compared to the same period last year.

Axis Bank has reported a significant surge in its financial performance for the quarter ended in March 2024, registering a net profit of Rs 7,130 crore. This remarkable turnaround follows a net loss of Rs 5,728 crore during the corresponding period last year. For the entire fiscal year, the bank’s net profit soared to Rs 24,861 crore, reflecting a substantial 160% growth compared to the previous year.

Today, April 24, marks the release of financial results for the fourth quarter of FY24 for a total of 23 companies. These companies span various sectors, including banking, consumer goods, technology, and manufacturing. Investors and market analysts will be closely monitoring these results to gauge the overall health of the corporate sector and the impact of recent economic headwinds.

Axis Bank is expected to report a 4-6% decline in net profit for the March quarter, despite an 8-10% rise in net interest income (NII). Provisions are anticipated to drop substantially compared to the previous quarter due to a high base, according to analysts. Margins are expected to narrow sequentially. Analysts predict a 5.9% year-over-year (YoY) decrease in profit to Rs 6,233 crore, with NII rising 8.5% to Rs 12,741 crore.