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

Axis Bank reported 16.06% decline in net profit to Rs1,306 crore for the first quarter ended 30 June

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.

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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.

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