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30 April 2018, 03:44 | Gordon Grant
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.
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.
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