Axis Bank reports first loss since 1998

Yes Bank

Yes Bank

In one of the worst quarterly results by a private sector bank, Axis Bank on Thursday reported a net loss of Rs 2,189 crore for the quarter ended March 2018 as against a profit of Rs 1,225 crore in the same period of previous year due to higher provisioning for bad loans.

SHARES of Axis Bank on Friday rose almost 6 per cent even as the company reported a net loss of Rs 2,188.74 crore for the quarter ended March 31, 2018.

Meanwhile, for the entire fiscal 2017-18, the Axis Bank's a net profit fell by 92.5 per cent to Rs 275.68 crore.

The third largest private lender reported its worst ever quarterly earnings Thursday while providing record sums of money to cover sticky loans, but analysts believe that the fear of reporting a full-year loss prevented it from a total clean-up.

Kim and Putnam team for slim lead at Zurich Classic
While scores are expected to be higher on Sunday than on Saturday, they are not expected to be as high as they were on Friday. After carding a disappointing 4-under 68 to fall out of contention Saturday, Matt Kuchar and Bubba Watson were still smiling.

On the asset quality front, the gross non-performing assets ratio narrowed to 1.28 per cent 1.72 per cent. Provisions during the quarter increased from Rs. 2,581 crore to Rs. 7,180 crore.

The bank has an exposure of Rs 440 crore to the Anil Ambani group's Reliance Naval, whose auditors yesterday had raised concerns on the viability of its business as a "going concern", Kapoor said, stressing that it has adequate securities in the account. Its gross NPA and net NPA levels rose to 6.77 per cent and 3.40 per cent of advances from 5.28 per cent and 2.56 per cent as on December 31, 2017, respectively. "After making mandatory appropriations to statutory reserve, investment reserve and capital reserve, no profit is available for distribution as dividend for the financial year ended 31 March 2018".

Sharma added: "For the asset quality pain to truly moderate, however, it is critical for us to complete the NPA recognition process, and put the last cycle behind us".

Axis Bank net NPAs or bad loans percentage stood at 3.40 per cent (Rs 16,591.71 crore) from 2.11 per cent (Rs 8,626.55 crore).

Senate approves Pompeo as US Secretary of State
Pompeo went across the street to the Supreme Court , where he was sworn in by Justice Samuel A. The Senate has confirmed Mike Pompeo as secretary of state in a 57-to-42 vote Thursday. "...

The overall provisions increased to Rs 399 crore from Rs 309 crore and Kapoor said the bank is targeting to trim down credit cost to 0.50-0.70 per cent range for the fiscal 2019 from 0.76 per cent recorded in FY18.

"The bank was nearing an end to the recognition process of bad loans", she added on the bank's poor performance.

Sharma's term as the CEO will come to an end in December this year.

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

Facebook launches Messenger Kids 'sleep mode' for more parental control
The app looks pretty easy, giving the ability to choose a week day or weekend along with a time to start and stop sleep mode. The new feature will allow parents to set designated start and stop times for when the app will go to "sleep".

Latest News