- Axis Bank is nearing a deal to buy Citigroup Inc.’s India retail banking business in a transaction that could be valued at about $2.5 billion
- An agreement for the consumer unit may be announced as soon as the next few weeks and is contingent on approval from the RBI
- The deal would include a cash component of less that $2 billion, accounting for the consumer’s business’s liabilities.
- Axis Bank emerged as the buyers with factors such as job security for current Citigroup employees and competition concerns being taken into account.
- Axis Bank will need around six months to merge its consumer business with Citigroup’s
Axis Bank
Axis Bank Q2 Results: Net Profit Up 86% On Lower Provisions
Axis Bank Ltd.’s quarterly profit rose in the second quarter as provisions fell. Net profit jumped 86% year-on-year to Rs 3,133.3 crore in the three months ended September, the private lender said in an exchange filing. Analysts polled by Bloomberg estimated a net profit of Rs 2,649.6 crore. The bank’s net interest income, or core income, rose 8% over the preceding year to Rs 7,900 crore. Net interest margin stood at 3.39%.
What stock should I invest in today? Axis Bank, Maruti, Max Financial
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Read Alert – RBI Policy: Rate Hike Certain, Liquidity, Currency
A rate hike is almost certain. It is likely to be a quarter percentage (increase in repo rate) but the probability of a 50 bps increase is not ruled out,” said Saugata Bhattacharya, Chief Economist at Axis Bank.
Banks Collect Rs 5,000 Crore From Minimum Balance Penalty
Gold Silver Reports (GSR) – As many as 21 public sector banks and three major private sector lenders collected a whopping Rs 5,000 crore from customers for non-maintenance of minimum balance in their accounts in 2017-18, according to banking data.
Stocks Market : Axis Bank, Glenmark Pharma, KEC International, Shalimar Paints
Gold Silver Reports (GSR) – Stocks Market : Axis Bank, Glenmark Pharma, KEC International, Shalimar Paints – The S&P BSE Sensex rose 0.85 percent or 305 points to 36,240 and the NSE Nifty 50 index climbed 0.87 percent or 94 points to 10,947. Indian equity benchmarks rose for a third …
Axis Bank Stock Rebounds Despite Posting Surprise Loss In March Quarter
Gold Silver Reports (GSR) – Axis Bank Stock Rebounds Despite Posting Surprise Loss In March Quarter – Shares of the Mumbai-based private sector lender rose as much as 5.88 percent, the most in over two months, to Rs 522.80. Axis Bank reported its first ever quarterly loss since listing as the bank accelerated recognition of bad loans, leading to a surge in provisions.