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.

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.

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:

  • 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.

    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.
  • Samsung may bring Samsung Pay to other high-end phones

    Samsung may bring Samsung Pay to other high-end phones

    That said, outside companies will have to add a specialised chip in order to enable the use of MST technology and support Samsung Pay .
    Anthony Scaramucci Vs. Reince Priebus: White House Drama Escalates

    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.
    Barclays swings to loss on Africa write-down

    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.
  • Trump dines with Sean Hannity, former Fox executive Bill Shine and Scaramucci

    Trump dines with Sean Hannity, former Fox executive Bill Shine and Scaramucci

    But let me tell you about myself. "If he's gonna be that divisive, I'm not sure he's gonna be very useful to the President". It's worth noting that there was in fact no leak behind Politico's publishing of Mr Scaramucci's financial disclosure form.

    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.

    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.
  • 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.
    Germany Orders Sales Stop on Porsche Diesels

    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.
    West Ham United should keep faith in Robert Snodgrass

    West Ham United should keep faith in Robert Snodgrass

    Eagles boss Frank De Boer - who has seen a move for Barcelona's Jasper Cillessen collapse - needs competition for Wayne Hennessey. Joe Hart says he's always loved West Ham after joining the East London club on a season-long loan.


Most liked

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.

In Apparent De-escalation, Abbas Calls For Return To Prayer In Al-Aqsa
Three Palestinians protesters were killed and hundreds of others were wounded last Friday in violent clashes with Israeli forces. The demonstrations often turned into clashes between Palestinian protestors and Israeli soldiers, fueling a wave of unrest.

At least 48 people injured in train crash at station in Barcelona
The accident occurred as the train was approaching central Barcelona's Francia station during rush hour on Thursday morning. The train did not brake in time when entering the station, hitting the buffers at the platform, according to reports.

Samsung Galaxy Note 8 to have 256 GB, Emperor Edition in pipeline
Those other products helped the South Korean tech giant post record profits for the second quarter . What's also interesting about Samsung's wording is the "marketing expenses" reference.

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.

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
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.

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.

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.

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.

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
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.

Trump's Top Middle East Adviser Removed From Position
The White House would not say whether Harvey was sacked , but confirmed he will no longer serve as the top Middle East adviser. Harvey also supported a more bellicose Iran strategy than either Tillerson or Secretary of Defense James Mattis.

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.

Al-Qaeda Announces New Unit In Kashmir, Zakir Musa As The Leader
Burhan Wani's killing sparked violent protests in the Kashmir Valley and left almost 100 dead and thousands injured. Musa took over after Burhan Wani was killed by police forces in an encounter in July previous year .