undergroundnewsroom.com
undergroundnewsroom.com May 27, 2018


Axis Bank reports Rs 2189 cr loss as provisions rise 3-fold

30 April 2018, 03:44 | Gordon Grant

Yes Bank

Yes Bank

After trading hours on Thursday, Axis Bank reported net loss of Rs 2188.74 crore for the quarter ended March 2018 (its first ever loss) as against net profit of Rs 1225.10 crore in the corresponding quarter of the previous financial year.

Total income in the January-March period of 2017-18 increased to Rs 1,553.97 crore, up by 29 per cent from Rs 1,207.77 crore in same quarter of 2016-17.

RBL Bank Ltd on Friday reported a net profit of Rs178 crore for the fiscal fourth quarter, a year-on-year (YoY) growth of almost 37%.

During the year ended March 31, 2018, the bank successfully raised capital of Rs 3,662 crore through initial public offer by issuing 97,663,910 equity shares, Bandhan Bank said.

ParticularsQuarter EndedYear EndedMar. 2018Mar. Most of the corporate slippages, nearly 90 per cent came from the BB book particularly the power sector The watch list is now closed and in Q4 it is (just) Rs 428 crore... "Infra play did not work out well, and now it is critical that we complete the NPA recognition cycle". The SME loans grew 19% to Rs 58,740 crore accounting for 13% of the net advances, while the corporate credit led by working capital loans grew 12% to Rs 17,446 crore.

US Urges Armenia to Engage in 'Good Faith Negotiations' for New Government
State Department weighed in on Armenia's political standoff late on April 28, saying it continues to "closely" monitor the situation.

British toddler whose parents fought to maintain life support dies
He thanked the hospital staff "for their dignity and professionalism during what must be an incredibly hard time for them too". This occurred despite Italy granting Alfie citizenship so that he could arrive in the country and receive medical care.

Sen. Ted Cruz Makes Plea for Alfie Evans, Warns Against 'Socialized Medicine'
Doctors have said the toddler's brain has been destroyed by his illness and it is in his best interests to withdraw life support. Despite having his life support turned off on Monday, little Alfie continues to battle on at Alder Hey Hospital.

Net NPAs increased to 0.58 per cent (Rs 172.90 crore) of the net advances by end of March 2018, versus 0.36 per cent (Rs 61.17 crore). The net interest income (NII) for the financial year 2017-18 rose 3% to Rs 18,618 crore and the net interest margin of the bank stood at 3.44%.

The bank reported credit cost of 0.94 per cent for the year and Ahuja exuded confidence that it will improve further going ahead. Interest income stood at Rs 3,032 crore, up 26.1 per cent. Non-interest income shot up 71.8 per cent to Rs 706 crore.

According to reports, the RBI may have been upset with the wide divergence in asset quality reporting by Axis Bank, spiralling bad loans, violations of know-your-customer norms during demonetisation.

Axis's CEO Sharma will step down at the end of 2018, more than two years before the proposed end of her term, after the regulator reportedly question the lender's performance. In December 2017, there were reports of alleged WhatsApp "leaks" of price-sensitive earning data, which the Securities and Exchange Board of India (Sebi) ordered a probe into.

Shares of AXIS BANK LTD. was last trading in BSE at Rs.494.55 as compared to the previous close of Rs. 498.4.



Other News

Trending Now

Khawaja Asif Will Challenge the Decision of IHC in Supreme Court
Asif vowed to challenge the ruling and said he had never concealed his foreign work permit, the Express Tribune reported. The IHC also asked the Election Commission of Pakistan (ECP) to de-notify Khawaja Asif as a member of the Parliament.

Patriots select Georgia RB Sony Michel with 31st overall pick
Although he didn't catch many passes at Georgia, Michel has the skill set to post bigger numbers in the passing game in the NFL . For example, in 2014, Rams defensive tackle Aaron Donald profiled like this: 33 percent above-average and 44 percent elite.

Pennsylvania congressman who called his female aide his 'soulmate' abruptly resigns
Meehan has said in interviews that he considered the former aide, who is decades younger than him, his " soul mate ". Meehan is the second lawmaker to announce an abrupt resignation over allegations of sexual harassment.

Dow Jones falls almost 425 points; Caterpillar reports earnings plateau
Declining issues outnumbered advancing ones on the NYSE by a 1.94-to-1 ratio; on Nasdaq, a 1.71-to-1 ratio favored decliners. Economic data released Tuesday morning included a reading on home sales, which surged to a near four-year high.

OR running back Royce Freeman drafted by Broncos
The fade pattern in the end zone, it seems, could eventually become Sutton's red zone route. "He fits in ideal , " Joseph said. He's a 6-4 guy with great ball skills. "So he's great in short yardage and will hopefully break a run or two".

Xi-Modi meeting new milestone in China-India ties: Russian expert
Prime Minister Modi and President Xi reviewed developments in India-China relations from the strategic and long-term perspective.

Attorney General Sessions Will Visit Fargo Friday
Sessions' decision, calling it "very unfair" and saying he would have picked someone else for attorney general had he known Mr. The attorney general has also recently found himself in the crosshairs of Trump's ire. "Sen.

Kushinagar accident: Adityanath suspends four officials from education and transport departments
He said the people should be more cautious at unmanned level crossing and primary responsibility lies with the road user. The protesters demanded that railway personnel should be posted at the unmanned crossing to avoid such accidents.

Ravens close 1st round with QB Lamar Jackson
This despite a résumé that includes not only the Davey O'Brien and Maxwell awards but also the Heisman Trophy as a true sophomore. The Ravens get the Eagles No. 32, which was used to take Jackson, and the Eagles' 4th round pick at No. 132.

Rafa Benitez reacts to speculation linking Steven Gerrard with Rangers
Gerrard is thought to be considering the role, though it would represent a massive risk for him to take on a high-pressure role with no prior experience at senior level.