Private lender Axis Bank’s profit for the quarter ended December 2018 doubled over the previous year on back of strong growth in non-core income due to recoveries and stake sales.

The bank posted a growth of 131 per cent in net profit to Rs 1,681crore for the December quarter(Q3FY19), against Rs 726 crore a year ago. This was against a profit of Rs 790 crore in previous September(Q2FY19), said the bank in a filing to the exchanges.

Shares of Axis Bank hit a record high of Rs 679 per share, up 2 per cent on the BSE, on expectations of a strong recovery in earnings, due to lower provisioning. The stock surpassed its previous high of Rs 677 recorded on September 10, 2018, in intra-day trade.

In the past two weeks, Axis Bank has outperformed the market by surging 12 per cent, as compared to a 3 per cent rise in the S&P BSE Sensex.

Axis Bank, the country’s third largest private bank, today launched ‘QuikPay Home Loan’, a home loan offering that will let home buyers save the interest amount component of the loan. QuikPay Home Loan will offer an alternative repayment structure, wherein the customer repays an equal amount of principal every month along with interest on the outstanding balance.

Management consultant and author Kate Zabriskie hit the nail on the head when she said: The customer’s perception is your reality.

In the digital age, an organization's biggest challenge is its customer. More specifically, it’s the way customer expectations are changing rapidly.

Shares of Axis Bank are up 4% to Rs 633, extending their previous week’s 14% rally on the BSE.

The private sector lender posted a better-than-expected 83% year-on-year (Y-o-Y) jump in its net profit at Rs 7.90 billion in the September quarter (Q2FY19), boosted by higher interest income and improvement in asset quality. Analysts on an average, expected profit of Rs 6.64 billion for the quarter.

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.

Axis Bank rallied 5% to Rs 676 on the BSE in early morning deals after the private sector lender on Saturday appointed Amitabh Chaudhry as Managing Director & CEO (MD& CEO) effective January 1, 2019.

“The board of directors of the Bank at its meeting held today has taken on record the approval granted by the Reserve Bank of India (RBI) to the appointment of Shri Amitabh Chaudhry as the Managing Director & CEO of the Bank

The stock-broking arm of India’s Axis Bank on Monday began offering commodity derivatives trading on the Multi Commodity Exchange platform, making it the first subsidiary of a bank to offer the service. The Reserve Bank of India had allowed bank subsidiaries to provide commodity broking services in September last year, as the Securities and Exchange Board of India, the capital market regulator, tries to deepen the market.

Axis Bank is likely to add between 350 to 400 branches to its network this year from the current about 3,800 branches, a top bank official said today. “National, totally we have about 3,800 branches currently. Last year, we added about 400 branches. Our anticipation is that we will add between 350 to 400 branches this year as well (FY19).

A day after declaring its results for the June quarter, Axis Bank put on sale a portfolio of loans worth Rs 1,062 crore and sought bids from asset reconstruction companies (ARCs) on a cash basis, according to a public notice.

The names of the accounts and the bank’s exposures to individual accounts could not be ascertained immediately.

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