Axis Bank results have spooked the markets, not because of its numbers which were in line with analyst expectation but more on account of a sharp increase in impairments.

What has perturbed some analysts is that details of impairments were not provided in the profit and loss (P&L) account posted on the stock exchanges. Instead, a link in the auditor note was given to the bank's website where the details were mentioned.

Mumbai: Axis Bank Ltd, India’s third largest private sector bank by assets, on Tuesday said its net profit for the September quarter rose 19% from a year ago due to higher net interest income and lower provisions.

Net profit for the quarter was at Rs.1,915.64 crore as compared to Rs.1,610.71 crore a year ago. A Bloomberg poll of 31 analysts had forecast a net profit of Rs.1,944.10 crore for the quarter.

Axis Bank has launched a comprehensive suite of mobile and tablet based solutions for corporates, offering the entire gamut of transaction banking products and services. The mobility solutions would enable corporates to carry out payments, trade and forex transactions, while on the move, the bank said.

“We are the first bank to provide our corporate customers with mobility related banking products and help them to transactions while on the move.

Mumbai: Axis Bank has tied up with Snapdeal to provide pre-approved, collateral-free loans to sellers on the online marketplace. The loans, ranging from Rs2 lakh to Rs1 crore, will be disbursed till 31 October.

“The loan offers are especially designed to enable sellers who are mostly SMEs (small and medium enterprises) to scale up inventory and meet the huge surge in demand in the run-up to Diwali,” Axis Bank said in a statement.

Mumbai: Lanco Infratech Ltd’s lenders had had enough. The infrastructure company had made plenty of promises during its debt-restructuring negotiations with banks in 2013 as it sought to recast about Rs.7,000 crore in loans. A year and a half later, only a few of those promises had been honoured.

Asset sales were far too few and the slower-than-expected economic recovery meant that the stress on Lanco’s balance sheet showed no signs of easing.

Axis Bank on Wednesday cut its base rate by 0.35 per cent to 9.50 per cent on Wednesday with effect from October 5. The private lender is the third bank to cut the rate after State Bank of India and Andhra Bank, who announced their lending rate cut on Tuesday, following RBI rate cut move.

State Bank of India on Tuesday slashed its benchmark lending rate by 0.4 per cent to 9.3 per cent after the Reserve Bank of India cut repo rate by 50 basis points.

Goldman Sachs on Tuesday upgraded private lenders Axis Bank, ICICI Bank and YES Bank to ‘Buy’ from ‘Neutral’ citing attractive entry after recent underperformance on bad loans concerns.

Axis Bank, ICICI Bank and YES Bank closed 2.67 per cent, 1.12 per cent and 0.28 per cent lower at Rs 482.75, Rs 269 and Rs 729.35, respectively, on Tuesday.

Ajay Bodke: If one is betting on a revival in investment cycle, the banks that have gotten severely drubbed are essentially Axis Bank, ICICI Bank and Yes Bank. If one is willing to take a medium term perspective, the corporate focussed banks are the ones which are going to see the maximum reduction in the provisioning levels and also the upgrade in terms of the assets which have been classified as NPAs, so as and when the interest rate falls, economic revival will happen.

MUMBAI: While it is not unusual for companies manufacturing consumer goods to aspire to be the 'Apple Inc' of the segment that they are in, Axis Bank has ventured to announce that its digital offerings will be inspired by the customer experience provided by the world's largest tech company.

"Technology will be dime a dozen. We do not care what others have done. If you look at Apple, their focus is completely on customer experience.

Total 13 public and private sector banks hit their respective 52-week lows on the Bombay Stock Exchange (BSE) after banking share index, S&P BSE Bankex fell nearly 700 points.

At 09:59 AM, the S&P BSE Bankex, a gauge of public and private sector banks, dipped 669 points or 3.5% at 18,271 against 2.2% fall in the S&P BSE Sensex.

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