Axis Bank, CRMNEXT bag IBSi's Innovation Awards 2021The bank has implemented CRMNEXT for sales and service modernisation enabling Straight through Processing and instant fulfillment
Axis Bank surges on partnering with MinkasuPayAxis Bank through this partnership with MinkasuPay will enable customers to make net banking payments in merchant apps using Fingerprint or Face ID
Axis Bank partners with MinkasuPayAxis Bank through this partnership with MinkasuPay will enable customers to make net banking payments in merchant apps using Fingerprint or Face ID
Axis Bank executes maiden domestic trade transaction on GOI backed blockchain platformThe transaction, between Arcelor Mittal Nippon Steel India and Lalit Pipes & Pipes, involved the process of letter of credit advising as well as digital presentation
Axis Bank surges on strengthening partnership with Paisabazaar.comThe Pre-Qualified program on Paisabazaar.com entails deep technology and analytics collaboration with Banks and NBFCs
Oriental Insurance Company categorised as public shareholder in Axis BankIn October, applications were made to BSE and NSE for reclassification of The New Oriental Insurance Co to public category from promoter category
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Axis Bank is the third-largest private lender in India (market capitalization of Rs 225,628.43 crore) with deep penetration in wholesale and retail segments, covering the entire spectrum of financial services. They primarily focus on retail customers, large corporates, mid-corporates, MSME, and agriculture segments. In addition to the bank services, Axis also offers a range of investment solutions through its subsidiaries.
Axis Bank has a global presence, including a strong footprint of 4,594 domestic branches covering PAN India and eight foreign offices in Singapore, Dubai, Dhaka, Abu Dhabi, Sharjah, and a subsidiary office in London, UK. Their foreign offices offer Corporate Lending, Trade Finance, Syndication, Investment Banking, and Liability Businesses.
Company background and profile
Axis Bank, incorporated in 1993, was one of the first generation private banks of India. Initially, it was called UTI Bank Ltd. Specified Undertaking of Unit Trust of India (SUUTI), Life Insurance Corporation, General Insurance of India, National Insurance Company Ltd., The New India Assurance Company Ltd., and Oriental Insurance Company Ltd., were the founding promoters of the bank. However, all their shares were later transferred to SUUTI, a company formed in 2003. The bank also owns five wholly-owned subsidiaries, Axis Securities and Sales Ltd, Axis Private Equity Ltd, Axis Trustee Services Ltd., Axis Asset Management Company and Axis Mutual Fund Trustee Ltd.
In 2001, Axis Bank and the Global trust Bank entered a merger petition to create India's largest private sector bank. However, both banks eventually pulled out of the agreement due to media issues.
Company financials and performance
- In the quarter ending on September 30, 2021, the bank reported standalone gross non-performing assets (gross NPA) at .00% of total assets and standalone net non-performing assets at .00% of total assets.
- The bank's consolidated total income stood at Rs 20,966.61 crore in the same quarter, up by 3.36% from the quarter before that and 2.54% year-on-year.
- The bank's net profit after tax in the same quarter was Rs 3,387.70 crore.
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