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Axis Bank increases MCLRs by 10-15 bps
Posted on 19th May 2018
Axis Bank, the country’s third-largest private lender, on Friday raised marginal cost of funds-based lending rates (MCLRs) by 10-15 basis points (bps). The one-year MCLR at the bank now stands 10 bps higher than earlier at 8.5%, the highest among large banks. MCLRs for shorter tenures will range between 8% and 8.4%. The two-year and three-year MCLRs stand at 8.6% and 8.65% respectively.

Axis Bank puts Jhabua Power plant on block
Posted on 17th May 2018
Axis Bank has put on sale a 600-megawatt (MW) thermal power plant in Madhya Pradesh set up by the Avantha Group-owned Jhabua Power, according to sources. The plant had availed loans worth Rs 3,018 crore from a consortium led by the private lender in December 2009. Axis Bank’s exposure stood at Rs 325 crore. Emails sent to spokespersons at Axis Bank and the Avantha Group did not elicit responses till the time of going to press. The plant became operational on May 3, 2016.

Riding trend: Axis Bank raises rates on retail fixed deposits
Posted on 5th May 2018
FDs maturing between one year and 14 months will also yield 7.1%, 35 basis points (bps) higher than earlier. All deposits of under Rs 1 crore with longer maturities will earn 7%. The 14 months to 17 months bucket was earlier priced at 6.75%, while all maturities ranging between 17 months and 10 years earlier yielded 6.9%.

Axis Bank ratings unaffected by sharp rise in non-performing assets: S&P
Posted on 3rd May 2018
Global rating agency Standard and Poor's (S&P) on Thursday said rating assigned to various instruments issued by Axis Bank were unaffected by the sharp rise in its non-performing assets.

The increase in bad loans was part of a balance sheet clean-up exercise underway in the Indian banking system, the rating agency said.

Axis Bank up 9% after first-ever loss, analysts welcome a clean book
Posted on 28th April 2018
The stock of Axis Bank gained 8.97%, on Friday, despite reporting its first-ever quarterly loss as investors were enthused by outgoing CEO Shikha Sharma’s declaration that the recognition of bad loans in this cycle is “nearly complete.”

The stock ended the session at Rs 538.90 on the BSE, and was the best performing Sensex stock on Friday.

Axis Bank posts first quarterly loss since listing in 1998 at Rs 21.8 bn
Posted on 27th April 2018
Private sector lender Axis Bank reported its first net loss, of Rs 21.8 billion, for the quarter ended March as non-performing assets (NPAs) soared and provisions for bad loans surged three times over the corresponding quarter last year.

The results were well below Street expectations on most key parameters, including profits.

Axis drill for Shikha successor
Posted on 21st April 2018
Mumbai: Axis Bank on Friday said it had started the process of appointing a successor to managing director and CEO Shikha Sharma.

Earlier this month, Sharma had requested the board of the private sector lender that her tenure be curtailed.

Markets snap 9-day winning streak on late selling, fall in banking stocks
Posted on 18th April 2018

Stocks took a breather today after nine sessions of gains owing to a rush among investors to book profits towards the fag-end amid sustained foreign fund outflows even as global cues were positive.

The BSE Sensex, after resuming higher at 34,443.42, advanced to hit a high of 34,591.81 on buying by domestic institutional investors (DIIs) as well as retail participants.

Axis Bank sells part of Echanda Urja loans to IREDA, Central Bank
Posted on 12th April 2018
Axis Bank, which has the largest exposure to Echanda Urja Pvt Ltd, a subsidiary of NuPower Renewables Pvt Ltd, has sold part of its loans to government-owned Indian Renewable Energy Development Agency (IREDA) and Central Bank of India in 2017-18, in a bid to reduce exposure in the company.

With this, Axis Bank has reduced its exposure in Echanda Urja by Rs 2 billion to below Rs 3 billion, and the rest of the debt will also be sold in due course, said a source close to the development.

Axis Bank may hire Egon Zehnder to find new CEO after Shikha Sharma
Posted on 11th April 2018
Axis Bank is likely to appoint global executive search firm Egon Zehnder to find a successor to its managing director and chief executive officer Shikha Sharma, who will step down at the end of the year, sources close to the development told FE.

“The board is likely to consider both external candidates as well as senior officials from within the bank. Egon Zehnder is expected to manage the succession,” a source said on condition of anonymity.

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