Axis Bank on Tuesday said it has bought 5.55 per cent stake in financial technology firm IBBIC.
The bank has subscribed to 50,000 equity shares of face value of Rs 10 each fully paid up of IBBIC Private Ltd (IBBIC) for a consideration of Rs 10 per equity share constituting 5.55 per cent of the issued and paid up capital of IBBIC, Axis Bank said in a regulatory filing.
Subdued loan growth and flat net interest margin (NIM) could dull the September quarter earnings of Axis Bank, which is slated to report its September quarter earnings for the financial year 2019-20 (Q2FY20) on Monday, October 21.
Analysts, however, seem to be divided on the growth in net profit due to ambiguity over whether the bank would provide a one-time mark-down in its deferred tax asset (DTA) or would the mark-down be spread evenly over the financial year.
Private lender Axis Bank on Thursday fixed the floor price for its qualified institutional placement (QIP) issue at at Rs 661.50 per equity share. The private lender has said that the board will meet again on September 25 to approve QIP issue to investors.
The bank, in an exchange filing, has also said that a discount of 5 per cent can be offered on the base price at the discretion of the board.
Axis Bank’s net profit jumped 95% year-on-year (y-o-y) to Rs 1,370.08 crore for the April-June period against Rs 701.09 crore in the corresponding quarter last year.
The private lender witnessed a 13.1% y-o-y rise in net interest income (NII) at Rs 5,844 crore. NII is the difference between interest earned and interest paid by a bank. The private lender’s shares fell 2.58% intraday, before settling at Rs 706.55 per share, down 1.82%.
Mumbai: Private-sector lender Axis Bank is expected to report a net profit of ₹1,855 crore for the June quarter of FY20 compared with a net profit of ₹701.09 crore in the year-ago period, according to a consensus estimate of 23 analysts polled by Bloomberg.
MUMBAI: Axis Bank, the fourth largest credit card issuer in the country, Thursday tied up with e- commerce major Flipkart to launch a co-branded credit card and is aiming to sell 1 million of the new card in a year.
The new co-branded card comes weeks after American lender Citi launched a similar offering by tying up with payments major Paytm.
Axis Bank has picked banks, including Citigroup and JPMorgan Chase, to arrange a planned share sale of at least $1.3 billion, according to people with knowledge of the matter.
India’s third-largest private sector lender has also selected Credit Suisse Group, BNP Paribas, HSBC Holdings, UBS Group and Axis Capital for the proposed offering, the people said, asking not to be identified.
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