Axis Bank is all set to buy FreeCharge for Rs 400 crore

Axis Bank's net profit for the three months through June was Rs. 1,306 crore

Net interest income increased by 8% on a year-on-year basis to Rs 55.90 billion (USD 866 million) in the quarter ended June 30, 2017 (Q1-2018) from Rs 51.59 billion (USD 799 million) in the quarter ended June 30, 2016 (Q1-2017).

The bank's gross non-performing assets (NPAs) stood at Rs 22,030.87 crore as on June 30, 2017 - up from Rs 9,553.17 crore at the end of June 30, 2016.

This is published unedited from the IANS feed.

At Rs 800 crore, retail NPAs were higher than the preceding quarter, as the regulatory dispensation given after demonetisation disappeared, Kochhar said, adding unlike its peers, the bank has not seen much stress in rural loans following the farm loan waivers. Provisions for bad loans rose 3.7 percent during the fiscal first quarter of FY18 to Rs 2,609 crore compared to Rs 2,515 crore a year earlier. This was led by CASA deposits increasing by 24 per cent on year-on-year basis to Rs 238,024 crore. "Therefore, the total recoveries during the quarter were again at a record high of Rs 2,775 crore, most of it from Jaiprakash", said Kochhar.

The bank has outstanding exposure of Rs 6,889 crore to nine of the dozen biggest defaulters selected by the RBI to be resolved under the Insolvency and Bankruptcy Code, she said.

Barclays swings to loss on Africa write-down
Barclays made a £1.4bn loss on the sale of a 33.7% stake in the Africa business and booked an impairment of £1.1bn. But that was still below the £2.7bn average estimate in a poll of analysts, according to Reuters.

The large-cap private sector bank has equity capital of Rs 1282.63 crore.

"This transaction data will be used by the bank to provide other offers such as credit cards and instant loans", he said. The bank has continued to leverage its strong retail franchise, resulting in a year-on-year growth of 19% in the retail portfolio.

As far as net NPAs are concerned, it stood at 4.86% during the quarter compared with 3.01% in Q1FY17 and 4.89% in Q4FY17.

Mumbai, Jul 27 After nearly a year of scouting for a buyer, struggling e-commerce firm Snapdeal today agreed to sell its payment wallet Freecharge to Axis Bank for Rs 385 crore, almost 90 per cent lower than what it had paid for the firm in 2015. On Thursday, the stock closed 1.02% down at Rs 307.05 on BSE.

Related News:

  • Inder Kumar, Salman Khan's 'Wanted' Co-Star, Dies At 43

    Inder Kumar, Salman Khan's 'Wanted' Co-Star, Dies At 43

    In his whole career, Inder Kumar had worked in 21 movies and now was working for a movie too. The cremation is scheduled to be held at Yaari Road, Shamshaan Bhoomi on Friday at 6 pm.

    Would you use Samsung Pay on your non-Samsung smartphone?

    All of Samsung's Galaxy-branded phones that support Samsung Pay come with a special component dedicated to the MST technology. Competing services Android Pay and Apple Pay don't offer a similar functionality, and work only with NFC-enabled terminals.
    Anthony Scaramucci Goes On Shocking Rant, Threatens To

    Anthony Scaramucci Goes On Shocking Rant, Threatens To "Kill" White House Leakers

    After the story was published, Scaramucci tweeted an explanation saying he sometimes uses "colorful language". "So I'm asking you, as an American patriot, to give me a sense of who leaked it", Scaramucci said to Lizza.
  • Maruti Suzuki India's Q1 profit inches up 4.4%

    Maruti Suzuki India's Q1 profit inches up 4.4%

    That was despite wholesale despatches remaining subdued in June before the roll out of the goods and services tax (GST). Analysts tracking the sector said the company's huge market share is unlikely to get challenged in the short term.
    Boeing Company (The) (BA) Releases FY17 Earnings Guidance

    Boeing Company (The) (BA) Releases FY17 Earnings Guidance

    On the company's non-GAAP interpretation, core EPS was positive at US$2.55, compared to last year's loss per share of 44 cents. Revenue for the quarter also did not kill consensus, coming in at $20.98 Billion, compared to the consensus of 21.3 Billion.
    Trial dates fixed for Jong-nam's accused murderers

    Trial dates fixed for Jong-nam's accused murderers

    The secretive state this month carried out its first successful launch of an intercontinental ballistic missile (ICBM). The women appeared in court wearing traditional Malay dresses and smiled at their lawyers and embassy officials.
  • Yu Darvish Trade Rumors: Rangers Have Informed Teams They Will Move Star

    Yu Darvish Trade Rumors: Rangers Have Informed Teams They Will Move Star

    Sandy Leon hit a two-run homer off Moore in the fourth. "Standing in the same spot that he's stood for as long as I've been here". In Philadelphia, Aaron Nola (8-6) struck out a career-high 10 over six innings, allowing four hits.
    What Analysts Recommend on Banco Santander

    What Analysts Recommend on Banco Santander

    Santander raised shares of Banco Santander Brasil SA from a "sell" rating to a "neutral" rating in a report on Friday, April 7th. TRADEMARK VIOLATION NOTICE: This story was first posted by Sports Perspectives and is the property of of Sports Perspectives.
    Antonio Conte names the player he would love to sign for Chelsea

    Antonio Conte names the player he would love to sign for Chelsea

    Speaking about Levy's comments, the Italian agreed that the transfer market was now "very difficult". 'You must understand this. 'If they go out after the first game that they play in the Europa League and go down against Gent, it is not a tragedy.
  • SuperValu Inc. (SVU) Shares Sold by UBS Asset Management Americas Inc

    SuperValu Inc. (SVU) Shares Sold by UBS Asset Management Americas Inc

    The share price has moved backward from its 20 days moving average -3.16% and negatively from its 50 days moving average -1.46%. The Average Volume of the company is 4.21 Million and P/E ( price to earnings) ratio is 41.4, while Forward P/E ratio is 10.06.
    Father of tennis champ Mark Philippoussis denies molesting girls

    Father of tennis champ Mark Philippoussis denies molesting girls

    The 68-year-old was arrested on suspicion of sexually abusing two nine-year-old girls that he had been privately coaching. Philippoussis Snr's lawyer Ryan Tegnelia, however, said his client was innocent and would fight the charges.
    Porsche set to leave WEC, LMP1

    Porsche set to leave WEC, LMP1

    The potential announcement would come one day after Porsche's board met to vote on whether it would abandon the LMP1 category. Porsche's storied run in the World Endurance Championship may be sprinting toward its ultimate demise.

Most liked

Twitter, Inc. (TWTR) Rating Reiterated by Cowen and Company
The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link . Canaccord Genuity reissued a "hold" rating and set a $15.00 target price on shares of Twitter in a research note on Monday.

Juniper Networks, Inc. (NYSE:JNPR) Technical Analysis and Chart Patterns
Over the last five days, shares have faced -4.46% losses and now is up 0.78% since hitting its 200-day moving average of $28.53. Acrospire Investment Management LLC increased its stake in shares of Juniper Networks by 837.8% in the first quarter.

Rahane and Pandya pile on runs as India near massive lead
Nuwan Pradeep was the only successful bowler for Sri Lanka , as he picked up all the 3 Indian wickets on the day. Perera hit Ravichandran Ashwin for a six and took a single off the next ball to bring up his fifth test fifty.

Sauber seals new Ferrari deal instead of Honda
"Technological partnership is no longer on the agenda, " Sauber said in a statement, saying that it will soon unveil the name of its future equipment manufacturer.

Anthony Scaramucci Vs. Reince Priebus: White House Drama Escalates
Asked what he meant by including Priebus, Scaramucci said, "If Reince wants to explain he's not the leaker, he can do that". Scaramucci's initial, since-deleted tweet that referenced Priebus appeared on Twitter "minutes later", Lizza wrote.

Credit Suisse AG Cuts Position in GlaxoSmithKline PLC (NYSE:GSK)
Heritage Trust Co bought a new position in shares of GlaxoSmithKline PLC during the first quarter worth about $123,000. J P Morgan Chase & Co reissued a "neutral" rating on shares of GlaxoSmithKline PLC in a report on Wednesday, May 31st.

Israeli measures in Jerusalem 'illegal': Arab FMs
Israeli police said officers had responded after stones were thrown at officers at the gates to the site. On July 14 two Israeli police officers were shot just outside the compound by three Palestinians.

US Admiral ready to execute POTUS order, including order to nuke China
Pacific Fleet said he stands ready to carry out the president's nuclear strike orders no matter the target. He then warned against the USA military shifting its allegiance from its commander in chief.

Hamilton to unleash bid for sixth win to overhaul Vettel
Hamilton, who has won the Hungarian GP five times, needs one more pole position to match Michael Schumacher's all-time record 68. Vettel won in Hungary two years ago and will hope that the trend continues that no driver wins two races in a row this season.

Germany Orders Sales Stop on Porsche Diesels
A Porsche spokesman later said the company isn't responsible for engine irregularities as it gets its motors from Audi. Volkswagen has agreed to more than $20 billion in fines and civil settlements over that scandal.

Time Warner Inc. (NYSE:TWX) Reviewed By Analysts
The media conglomerate reported $1.66 earnings per share for the quarter, beating analysts' consensus estimates of $1.44 by $0.22. Several institutional investors have recently bought and sold shares of TWX. 154 funds opened positions while 293 raised stakes.

Gardner's walk-off lifts Yanks past Rays
Pinch hitter Matt Holliday , now 7-for-54 in the second half, hit into a 6-4 force that brought in Gregorius to make it 5-4. Rays second baseman Tim Beckham and shortstop Adeiny Hechavarria both stopped going for it, thinking the other one had it.

RBS agrees alternative remedies package for Williams & Glyn
The Royal Bank of Scotland Group plc (RBS), launched on March 25, 1968, is a banking and financial services company. The company's 50 day moving average price is GBX 251.84 and its 200-day moving average price is GBX 244.90.

Amazon misses Wall Street expectations by a mile
Mizuho has "Buy" rating and $920 target. (NASDAQ: AMZN ) news were published by: which released: "Why Amazon .com, Inc". Even as it churns out money to support these efforts, AWS's growth rate has been declining gradually for the last two years.

Japan Household Spending Jumps 2.3% In June
Individually, prices for fuel jumped 3.5 percent on year, followed by food (0.8 percent) and education (0.4 percent). On a yearly basis, retail sales climbed 2.1% - unchanged from the previous month but missing forecasts for 2.4%.