Axis Bank Q2 profit up 83% to Rs 7.9 bn on higher interest income
Posted on 2nd November 2018 |
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| Axis Bank Ltd, India's third-biggest private sector lender by assets, on Friday posted a better-than-expected 82.6 percent jump in second-quarter profit, boosted by higher interest income and as asset quality improved. Net profit came in at 7.90 billion rupees ($108.95 million) for the three months ended Sept. 30, compared with 4.32 billion rupees a year ago, above analysts' estimates of a net profit of 7.41 billion rupees, according to Refinitiv data. The bank also appointed Amitabh Chaudhry as managing director-designate effective November 19 to ensure "smooth transition" as Chief Executive Officer Shikha Sharma steps down at the end of December after being at the helm of Axis Bank for nine years. Axis also said Deputy managing director V. Srinivasan will not seek re-appointment at the end of his current tenure on Decemeber 20. Net interest income rose 15 percent to 52.32 billion rupees, backed by a 11 percent growth in loans. Gross non-performing loans as a percentage of total loans stood at 5.96 percent at end-Sept, compared with 6.52 percent in the previous quarter and 5.90 percent in the same period last year. Provisions fell 6.8 percent to 29.27 billion rupees in the quarter, while bad loan additions slowed sharply to 27.77 billion rupees. Shares of Axis Bank closed up 1.4 percent ahead of the results. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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