AXISBANK

** Axis Bank AXBK.NS rises as much as 1.5% to 1,304.6 rupees, highest since July 19, 2024

** Co reports 14.1% y/y rise in gross advances, 15% rise in total deposits in Q3

** Citi anticipates corporate segment to have gained traction, recovery in retail segment, fuelled by pent up demand

** Says Q3 not expected to be as pronounced as Q1

** Macquarie Research says co saw strong deposit growth, outpacing loan growth, contrary to trends across peers, system

** Stock rated "buy" on avg; median PT is 1,385 rupees, per data compiled by LSEG

** AXBK last up 1%; gained ~19% in 2025

(Reporting by Meenakshi Maidas in Bengaluru)

(([email protected];))

Jan 5 (Reuters) - Axis Bank Ltd AXBK.NS:

• AXIS BANK - GROSS ADVANCES AS OF DEC 31 UP 14.1% Y/Y

• AXIS BANK - TOTAL DEPOSITS AS OF DEC 31 UP 15.0% Y/Y

Source text: ID:nnAZN4RR7FP

Further company coverage: AXBK.NS

(Reporting by Abhirami G from Bengaluru)

(([email protected];))

Dec 29 (Reuters) - Axis Bank Ltd AXBK.NS:

• AXIS BANK APPROVED OTS OF OUTSTANDING LOAN WITH CO FOR 700 MILLION RUPEES

Source text: ID:nBSEBHWs2

Further company coverage: AXBK.NS

(([email protected];))

MUMBAI, Nov 25 (Reuters) - India's Axis Bank AXBK.NS has accepted bids worth 50 billion rupees ($560.57 million) for infrastructure bonds maturing in 10 years, three bankers said on Tuesday.

The private-sector lender will pay an annual coupon of 7.27%, and had invited coupon and commitment bids from bankers and investors earlier in the day.

The lender did not reply to Reuters' email seeking a comment.

Here is the list of deals reported so far on November 25:

* Size includes base plus greenshoe for some issues

($1 = 89.1950 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sherry Jacob-Phillips)

(([email protected]))

Nov 6 (Reuters) - Axis Bank Ltd AXBK.NS:

• JSW MG MOTOR INDIA PARTNERS WITH AXIS BANK TO PROMOTE EVS

Further company coverage: 600104.SS

(([email protected];;))

Updates for morning trade

By Bharath Rajeswaran and Vivek Kumar M

Oct 16 (Reuters) - India's benchmark shares rose on Thursday, driven by gains in private banks after Axis Bank's second-quarter results showed improved asset quality and better-than-expected net interest margins.

The Nifty 50 .NSEI rose 0.48% to 25,445.60 and the BSE Sensex .BSESN added 0.51% to 83,025.08 as of 10:23 a.m. IST.

The Nifty and Sensex are trading about 3% and 3.5% below their record high levels hit on September 2024.

Twelve of the 16 major sector logged gains. Private banks .NIFPVTBNK climbed 0.8%, led by a 3% jump in Axis Bank AXBK.NS.

Although the private lender posted a larger-than-expected drop in the September-quarter profit, several analysts pointed to improved operating performance and asset quality as positive factors.

The broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 gained 0.4% and 0.3%, respectively.

The two highest-weighted stocks - HDFC Bank HDBK.NS and ICICI Bank ICBK.NS - advanced 0.6% each. The third-heaviest stock, Reliance Industries RELI.NS, added 0.3%.

The three companies will report their quarterly results later in the week.

"The demand outlook for the rest of the financial year has brightened after the recent tax cuts, and could spark a virtuous cycle of earnings growth, lifting overall sentiment," said Amnish Aggarwal, director research, institutional equities at PL Capital.

Information technology .NIFTYIT stocks lost 0.4%. Infosys INFY.NS, the country's No. 2 software services provider, declined 0.7% ahead of its quarterly results due post market hours on Thursday.

Among individual stocks, Mangalore Refinery and Petrochemicals MRPL.NS jumped 2.4% after posting quarterly profit from a loss a year ago.

Realty developer Oberoi Realty OEBO.NS jumped 4.1% after reporting a 29% rise in the second-quarter profit.

Packaging solutions provider Huhtamaki India HUHT.NS surged 12% after logging a three-fold increase in quarterly profit.

Westlife Foodworld WEST.NS gained 2% after it maintained a status quo on royalty rate payable to McDonald's, which Investec termed as a positive for its operating profit and free cash flow.

($1 = 87.7440 Indian rupees)

(Reporting by Vivek Kumar M and Bharath Rajeswaran; Editing by Sumana Nandy and Janane Venkatraman)

(([email protected];))

Oct 15 (Reuters) - Axis Bank Ltd AXBK.NS:

• AXIS BANK Q2 NET PROFIT 50.9 BILLION RUPEES; IBES PROFIT EST. 58.63 BILLION RUPEES

• AXIS BANK Q2 GROSS NPA 1.46%

• AXIS BANK Q2 PROVISIONS AND CONTINGENCIES 35.47 BILLION RUPEES

• AXIS BANK Q2 NET INTEREST INCOME 137.45 BILLION RUPEES - REUTERS CALCULATION

Further company coverage: AXBK.NS

(([email protected];))

** Axis Bank AXBK.NS rises as much as 2.46% to a three-month high of 1,188 rupees apiece; stock last up 2%

** Morgan Stanley reiterates "overweight" and raises price target to 1,450 rupees from 1,325 rupees, implying an upside of 25%

** Morgan Stanley's price target is the second highest among 40 analysts tracking AXBK with an average rating of "buy" and median PT of 1,350 rupees - data compiled by LSEG

** Brokerage says net interest margins, growth and credit cost trends for AXBK will turn positive in 12 months

** Says margins will bottom out in December quarter and credit costs will improve in second half of fiscal 2026 and FY2027

** Says AXBK trading at discounts of 30% and 40% to peers HDFC Bank HDBK.NS and ICICI Bank ICBK.NS, and the valuation gap will narrow gradually

** AXBK up 8.9% YTD compared with 5% rise in Nifty 50 .NSEI

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

** Private lender Axis Bank AXBK.NS rises 2.1% to 1,168 rupees

** HSBC reiterates "buy" rating, lifts PT to 1,340 rupees from 1,270 rupees

** Earnings at an inflection point, brokerage says

** Two growth levers, lower credit costs and potential improvement in net interest margins, are expected to drive performance in the medium term - HSBC

** Notes, other factors such as stronger deposit growth and closing productivity gaps with larger peers will take longer to materialise

** Still, HSBC sees AXBK's earnings trajectory in FY26–28 as stronger than rivals HDFC Bank HDBK.NS and ICICI Bank ICBK.NS

** Average rating among 40 analysts tracking the stock is "buy"; median PT at 1,340 rupees, LSEG data shows

** AXBK has risen 7.5% in 2025; Nifty 50 .NSEI up 6.6%

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

** Jefferies removes Reliance Industries RELI.NS and Axis Bank AXBK.NS from its India long-only portfolio

** Adds Ambuja Cements ABUJ.NS, Ixigo LETR.NS and Lemon Tree Hotels with 4 percentage points weight

** RELI and AXBK down 0.6% and 0.2%, respectively, on the day; LETR and LEMO rise 2.4% and 1.2%, respectively

** Jefferies reduces weight of ICICI Bank ICBK.NS, JSW Energy JSWE.NS and REC RECM.NS each by 1 percentage point

** ICBK down 1.25%, JSWE and RECM up 1.7% and 0.6% respectively

** SBI Life Insurance SBIL.NS and Adani Ports APSE.NS have the highest weighting of 6% each in GREED & Fear's India long-only portfolio

(Reporting by Vivek Kumar M and Bharath Rajeswaran)

(([email protected];))

Adds details of Deutsche Indian operations in paragraphs 7 and 11-14, Indian banking market in paragraphs 8-10

By Aditya Kalra and Tom Sims

NEW DELHI/FRANKFURT, Sept 1 (Reuters) - Deutsche Bank DBKGn.DE is exploring the sale of its Indian retail banking assets and has invited bids from domestic and foreign lenders in the country, two sources told Reuters, making it the latest foreign bank to consider trimming its bets on India.

The Germany-based bank has pledged to make its retail business more profitable. In March, CEO Christian Sewing said headcount at its retail bank will be cut by almost 2,000 people in 2025, with a "significant" reduction in branch numbers.

In India, Deutsche wants to completely sell its retail banking business, which spans 17 branches, according to the two sources with direct knowledge of the matter, who declined to be named as the discussions are private.

A Deutsche Bank spokesperson said it does not "comment on rumours or market speculation".

The sources said Deutsche had set an August 29 deadline for non-binding bids from several banks for its India retail assets. Details of any potential bids received were not immediately clear.

The valuation the bank is seeking for its India retail business was also not immediately clear.

Deutsche's retail banking revenue in India in the financial year to March 2025 stood at $278.3 million, its disclosures show.

Despite a rising number of wealthy individuals in India, one of the world's fastest-growing economies, foreign banks have struggled to boost revenues due to stiff competition from local players and regulatory limitations.

In 2022, Citi decided to sell its credit card and retail businesses in a more than $1 billion deal amid dwindling market share and as part of a global strategy to overhaul the bank.

Last year, Standard Chartered sold its India personal loan book of $488 million to Indian lender Kotak Mahindra Bank KTKM.NS.

Deutsche Bank has been active in India since the beginning of the 1980s, offering services including treasury, derivatives operations, private wealth management, and corporate and retail banking.

According to its annual report, the bank generated $1 billion in net revenue from India in 2024, roughly on par with Singapore but trailing countries like Germany, the U.S. and Britain. It does not give a breakdown of its retail business.

Employee growth in India, including back office and technology operations, has been on the rise in recent years. Overall India is Deutsche Bank's largest operation outside Germany, employing more than 22,000 staff at the end of last year, according to its latest annual report.

Deutsche tried to sell its Indian retail and wealth management business in 2017, but the plan was later shelved.

(Reporting by Aditya Kalra and Tom Sims; Editing by Jan Harvey)

((Email: [email protected]; X: @adityakalra;))

MUMBAI, Aug 19 (Reuters) - India's Cube Highways Trust plans to raise 8.2 billion rupees ($93.88 million) for the sale of bonds maturing in three years and six months and 10 years, three bankers said on Tuesday.

It will pay a coupon of 6.9300% and 7.3015%, respectively, on a quarterly basis, and has invited commitment bids for the issue later in the day, they said.

The company did not respond to a Reuters email seeking comment.

Here is the list of deals reported so far on August 19:

*Size includes base plus greenshoe for some issues

($1 = 87.3440 Indian rupees)

(Reporting by Khushi Malhotra and Dharamraj Dhutia)

(([email protected], [email protected]))

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Aug 5 - By Nidhi C Sai, Editor Online Production, with global Reuters staff

Trump's trade punches on India appear to be heavy. A sweeping 25% tariff on key exports from the nation and a threat to "substantially" raise it over its Russian oil purchases look set to upend months of negotiations and squeeze labour-intensive sectors in the world's fifth-largest economy.

While those moves are making some Indian companies ponder their future, U.S. firms are unlikely to blink. From Apple AAPL.O to Google, big names are doubling down on India and betting on its long-term promise despite the rising geopolitical heat. That's our focus this week.

We also detail how a Chinese missile, an intelligence lapse, and a surprise strike helped Pakistan shoot down a Rafale fighter jet, marking one of the most dramatic air battles in years. Scroll down for more on that.

THIS WEEK IN ASIA

** South Korea, US prepare for summit with details of trade deal unresolved

** China's independent oil firms elbow into Iraq's majors-dominated market

** Japan ready to compile extra budget to cushion US tariff blow, PM Ishiba says

** China's solar giants quietly shed a third of their workforces last year

** Old trees and ageing farmers worsen outlook for top palm oil exporters

KICKED IN THE TEETH BY US TARIFFS

India is bracing for fresh pain on trade as U.S. President Donald Trump imposed 25% tariffs on a wide range of its goods, treating Asia's third-largest economy more harshly than other major U.S. partners.

And in a move that India said was unjustified, Trump threatened to raise tariffs again over its purchase of oil from Russia.

The tariff imposition is expected to ripple through India's export engine. High-employment sectors, especially readymade garments, gems, jewellery, electronics and marine products, face steep duties in their crucial U.S. market.

"While further trade talks may bring the tariff rate down, it appears unlikely that India will secure a significantly better outcome than its eastern neighbours," said Priyanka Kishore, an economist at Asia Decoded.

Economists warn of a near-term hit to India's growth and sentiment. The rupee weakened after last week's announcement, and some analysts expect up to 40 basis points shaved off GDP in the year to March 2026 if the tariffs stay.

"If these tariffs remain in place, they could undermine India's growing appeal to businesses seeking trade diversion in low-value-added manufacturing sectors," said Raphael Luescher, Co-Head of EM equities at Vontobel.

India's $45.7 billion trade surplus with the U.S., which is equivalent to 1.2% of GDP in 2024, has been a major source of resilience amid global slowdowns. Halving that, some analysts say, could dent the 'safe haven' narrative that's helped India attract global capital even as China cools.

The most immediate pain is in workforce-heavy sectors. Apparel exporters such as Welspun Living WLSP.NS, Gokaldas Exports GOKL.NS, and Indo Count ICNT.NS, who send up to 70% of their output to the U.S., have warned of potential order losses and delayed expansion. Diamond and jewellery firms too are forecasting a slump in shipments ahead of the vital holiday season. The U.S. is India's largest market for garments and jewellery, with nearly $22 billion in exports in 2024.

"A blanket tariff of this magnitude will inflate costs, delay shipments, distort pricing, and place immense pressure on every part of the value chain, from lower-level worker to large manufacturers," said Kirit Bhansali, chair of the Gem & Jewellery Export Promotion Council.

The Indian government, under pressure to protect farmers ahead of elections in a key state, has refused to concede on agricultural access - a major U.S. demand. That has stalled trade talks despite months of backchannel engagement. In Parliament, trade minister Piyush Goyal said India remains committed to "protecting and promoting the welfare" of its farmers and entrepreneurs.

US FIRMS LIKELY TO STAY THE COURSE

Even as Trump's latest tariffs threaten to disrupt India's China-plus-one ambitions, U.S. corporate confidence in the country is expected to remain firm, driven by its vast consumer market and limited manufacturing and investment ties to Beijing.

Apple has become more reliant than ever on India to feed its U.S. supply chain. Nearly all of Foxconn's 2317.TW $3.2 billion worth of iPhones exported from India between March and May went to the U.S. Between April and June, 71% of iPhones sold in the U.S. were India-made, up from just 31% a year ago.

"Making supply chain adjustments, particularly with new iPhone models nearing release, is unlikely due to the complex factors involved," said Tarun Pathak of Counterpoint Research. "It is expected to be business as usual."

Apple is not alone. Alphabet's GOOGL.O Google is investing $6 billion in Andhra Pradesh to build Asia's largest data center by capacity, including $2 billion in renewable energy. Drugmaker Amgen's AMGN.O CEO said in February the company will invest about $200 million in an AI-driven innovation hub in southern India, and Tesla TSLA.O launched its Model Y SUV in Mumbai just last month, despite import tariffs in India that can exceed 100% on cars.

U.S. retailer Costco COST.O is also joining the fray, with plans to open its first Global Capability Centre in Hyderabad, focused on technology and research operations that will initially employ 1,000 people and scale up.

India's growing local component ecosystem, wage levels around half of China's, and federal incentives make it more cost-competitive than ever, especially in tech and electronics manufacturing. In sectors such as pharmaceuticals and chemicals, exposure to the U.S. remains high, but players are already seeking workarounds or shifting supply chains to protect earnings.

In this standoff, short-term pain may sting India, but long-term positioning is still in play. Talks are expected to resume in mid-August, and while a quick breakthrough may not materialise, analysts say the fundamentals of India's economic story remain intact.

Sign up for the Reuters Tariff Watch newsletter here.

Can India shield its politically sensitive farm sector and stop its Russian oil purchases while keeping its trade ties with Washington from unravelling? Or will economic pragmatism force a compromise in the face of Trump's tariff shock? Write to me at [email protected].

THE WEEK'S MUST READ

A Chinese-made missile and an intelligence lapse helped Pakistan shoot down a Rafale fighter jet during a major India-Pakistan aerial clash in May, officials said. The Pakistani J-10C fired a PL-15 missile from around 200 km (124.3 miles), farther than Indian pilots had expected, after Delhi underestimated the missile's true range. The hour-long battle, involving about 110 aircraft, followed Indian strikes on Pakistan after a deadly militant attack in Indian Kashmir.

Pakistan used a "kill chain" linking Chinese jets, radar, and surveillance planes to track Indian aircraft without detection.

The incident raised doubts over Western fighter jets' dominance and boosted interest in Chinese alternatives like the J-10.

Dive into this insight by Reuters journalists Saeed Shah and Shivam Patel on how Pakistan brought down India's top fighter jet with Chinese tech.

MARKET MATTERS

Indian banks are tightening consumer lending just as rate cuts kick in, raising fears that cautious credit and weak household finances could dampen a consumption-led recovery.

Lenders are slowing disbursals for personal loans, credit cards, and vehicle financing. Growth in these segments slipped to single-digit percentage in May, from between 15% and 26% a year earlier, Reserve Bank of India data showed.

Top privately owned banks such as HDFC Bank HDBK.NS, ICICI Bank ICBK.NS, Axis Bank AXBK.NS, and Kotak Mahindra Bank KTKM.NS as well as large non-bank lender Bajaj Finance BJFN.NS have seen bad loans rise in the April-June quarter, hitting their bottom lines.

Read this in-depth report by Reuters journalists Jaspreet Kalra and Ashwin Manikandan.

(Reporting by Nidhi C Sai; Editing by Muralikumar Anantharaman)

(([email protected]; +91 70456 55251))

Adds details in paragraph 4; background in paragraphs 3, 6 and 7

Aug 4 (Reuters) - India's IndusInd Bank S> said on Monday that its board has appointed Rajiv Anand as chief executive officer for a three-year term starting August 25.

Anand, a veteran banker, is currently the deputy managing director at private lender Axis Bank AXBK.NS, and has held key management positions at leading global financial institutions.

He was one of three candidates shortlisted by the bank's board, Reuters reported last month. The two other candidates were Rahul Shukla and Anup Saha.

Anand's appointment was confirmed following the Reserve Bank of India's (RBI) clearance, which has the final authority on senior banking appointments.

IndusInd Bank took a $230 million hit in the year ended March 31 due to years of misaccounting of internal derivative trades, prompting the resignations of CEO Sumant Kathpalia and deputy Arun Khurana in April.

In the absence of a chief executive, the bank has been steered by the board and a panel of two senior officials.

Last week, the Mumbai-based bank said its "financials have returned to profitability", as it swung back to profit in the first quarter after its biggest-ever loss in the previous three months.

(Reporting by Mrinmay Dey in Bengaluru and Ira Dugal in Mumbai; Editing by Vijay Kishore and Shailesh Kuber)

(([email protected]; +91 7362903319;))

** Shares of Axis Bank AXBK.NS are up 0.5% at 1078 rupees

** Stock is down 10% in July, set for its worst month since November 2021

** Earlier this month, the private-lender reported a fall in first-quarter profit hurt by higher provisions for bad loans

** Since then, stock has lost 7%

** AXBK up 1% so far in 2025 vs a 14% rise in the Nifty Financial Services index .NIFTYFIN

(Reporting by Nishit Navin in Bengaluru)

(([email protected]))

July 19 (Reuters) - HDFC Bank HDBK.NS, India's largest private bank by market capitalisation, reported higher-than-expected quarterly profit on Saturday due to a surge in interest income from loans and treasury gains, even as provisions for bad loans spiked.

The bank's standalone net profit rose 12.2% to 181.55 billion rupees ($2.11 billion) in the April-to-June quarter, above the average analyst forecast of 172.84 billion rupees, according to data compiled by LSEG.

The bank's net interest income - the difference between interest earned on loans and paid on deposits - rose 5.4% to 314.38 billion rupees.

Other income, typically backed by treasury gains and fees on services, more than doubled to 217.29 billion rupees in the quarter.

HDFC Bank's provisions for bad loans, however, jumped five-fold to 144 billion rupees.

The bank, in its exchange filing, said most of these provisions were not linked to any actual bad loans but instead acted as a "countercyclical buffer for making the balance sheet more resilient."

Indian lenders have been grappling with an increase in bad loans in segments such as microfinance and unsecured portfolio, which have forced them to set aside more funds for potential defaults and to strengthen their balance sheets.

On Thursday, HDFC Bank peer Axis Bank AXBK.NS saw its new bad loans double due to a market benchmarking exercise.

While overall bank credit growth has slowed in India, HDFC Bank posted growth of 6.7% for its overall loan book, driven by a 17.1% rise in loans to small and medium businesses.

The private lender also approved its first ever bonus share issue on Saturday, meaning each of its shareholders will be eligible to receive an extra bonus share for every share held. The date of issuance is still to be determined, the bank said.

In a bonus issue, a company distributes additional stock to shareholders as a proportion of their holdings at no cost. It is typically a sign of confidence in financial performance and growth trajectory.

The board has also approved a special dividend of 5 rupees per share.

($1 = 86.1450 Indian rupees)

(Reporting by Ashwin Manikandan; Editing by Joe Bavier)

(([email protected];))

** Nifty 50 .NSEI and Sensex .BSESN fall ~0.7% each, led by losses in financials after Axis Bank's AXBK.NS weaker-than-expected quarterly profit

** Eleven of 13 major sectoral indexes decline; financials .NIFTYFIN drop 1%, private banks .NIFPVTBNK down 1.4%

** Axis Bank AXBK.NS sheds 4.3%; analysts flag higher credit costs, margin pressure, asset quality concerns

** HDFC Bank HDBK.NS, ICICI Bank ICBK.NS slip 0.9% and 0.7%, respectively, ahead of results on Saturday

** Reliance RELI.NS dips 0.4% ahead of results later today

** Broader small-cap .NIFSMCP100, mid-cap .NIFMDCP100 indexes lose 0.5% each

** LTIMindtree LTIM.NS falls 1.6% after revenue miss; Wipro WIPR.NS bucks the trend, rising 2.2% on earnings beat

** NSEI, BSESN set for third straight weekly loss, down nearly 0.9% each for the week

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

BENGALURU, July 17 (Reuters) - Indian private lender Axis Bank AXBK.NS reported a fall in first-quarter profit on Thursday, hurt by higher provisions for bad loans.

The country's fourth-largest private lender by market capitalisation reported a standalone net profit of 58.06 billion rupees ($674.8 million) for the quarter ended June 30, compared with a profit of 60.35 billion rupees a year earlier.

($1 = 86.0460 Indian rupees)

(Reporting by Nishit Navin; Editing by Mrigank Dhaniwala)

(([email protected];))

Adds details, background from paragraph 2 onwards

July 2 (Reuters) - India's Max Financial Services MAXI.NS said on Wednesday that its unit, Axis Max Life Insurance, received communication about unauthorized access to some customer data from an anonymous sender.

The company has initiated a security assessment and data log analysis, Max Financial said.

"A detailed investigation is also underway in consultation with information security experts to assess the root cause of the incident and take remedial action, as necessary" the company said in a statement.

Axis Max Life Insurance is a joint venture between private lender Axis Bank AXBK.NS and Max Financial.

Indian firms such as Angel One ANGO.NS, Niva Bupa Health Insurance NIVA.NS and Star Health STAU.NS and HDFC Life Insurance HDFL.NS have reported high-profile security breaches in the past 10 months.

The incidents prompted the country's insurance regulator to direct industry-wide audits of IT systems.

Cyber fraud cases in India jumped more than four times in fiscal 2024, causing losses of $20 million, Reuters reported earlier this year.

Internal government data as of April 2024 showed that individuals lost nearly $1.26 billion to cyber fraud at financial institutions since 2021.

(Reporting by Manvi Pant; Editing by Shreya Biswas and Tasim Zahid)

(([email protected]; +918447554364;))

June 27 (Reuters) - Axis Bank Ltd AXBK.NS:

• AXIS BANK LTD - FINE REDUCED FROM 26.4 MILLION RUPEES TO 3.9 MILLION RUPEES

Source text: ID:nNSESHl3k

Further company coverage: AXBK.NS

(([email protected];))

June 19 (Reuters) - Axis Bank Ltd AXBK.NS:

• KEDAR JOSHI APPOINTED AS CHIEF AUDIT EXECUTIVE

Source text: ID:nBSE8nWWgt

Further company coverage: AXBK.NS

(([email protected];))

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, May 22 (Reuters Breakingviews) - Sunil Mehta attempted to draw a line under accounting woes at IndusInd INBK.NS on Wednesday when he presented a full-year update for the bank, which remains without a CEO. The $7 billion Indian lender, the non-executive chairman said, was starting the new financial year with a "clean slate". Some of the details he revealed do not inspire confidence, however.

IndusInd's reversal of interest income on some inappropriately classified microloans dragged it to a net loss of 23.3 billion rupees ($272 million) in the three months to end March, its largest quarterly loss. That coupled with lapses in derivatives accounting reduced its full-year earnings by two-thirds.

This accounts for the full extent of the financial hit from the twin lapses, Mehta said. On the derivatives issue, he also presented some positive findings: the bank has received reports from unnamed external firms that determined the impact was the same as the bank's initial assessment.

If Mehta's overall confidence is not misplaced, the private sector bank is undervalued. IndusInd's crushed shares trade below their one-year forward book value; larger rival Axis Bank AXBK.NS commands a multiple nearly twice its net worth. ICICI ICBK.NS and Kotak Mahindra KTKM.NS enjoy more than three times.

Yet the board suspects employees of fraud, is still working with external advisors to identify the root causes, and IndusInd pointed to the likelihood of future legal action from regulators and investigative agencies. That suggests the fourth quarter may not mark the end of the problems.

Mehta is a grandee of Indian banking, and he oversaw the turnaround of Yes Bank YESB.NS before Japan's Sumitomo Mitsui Banking Corporation agreed to pick up a 20% stake in it this month. Yet the exit of IndusInd's CEO and his deputy has unnerved investors: the shares traded flat on Thursday, underscoring deep scepticism.

Banking analysts were scathing in their assessments too. HDFC Securities said its own channel checks concluded "structurally poor regulatory compliance" and "aggressive booking of fees across multiple businesses, which could come under deeper regulatory scrutiny".

Overall, the current picture keeps alive the possibility the central bank may appoint a state banker to the top role, a level of intervention the monetary authority's new governor Sanjay Malhotra has so far resisted. IndusInd will need to deliver strong results consistently before it wins back the benefit of the doubt.

Follow @ShritamaBose on X

CONTEXT NEWS

IndusInd Bank on May 21 reported a net loss of 23.3 billion rupees ($272 million) for the three months to March on account of interest reversals arising from incorrect classification of some microfinance loans.

A cumulative 1.73 billion rupees was incorrectly recorded as fee income in the nine months to the end of December, and reversed during the quarter ended March 2025, the bank said.

IndusInd's board suspects the occurrence of fraud and the involvement of certain employees that have a significant role in the accounting and financial reporting of the bank.

Sunil Mehta, non-executive chair of IndusInd, said the board is determined to address all identified issues so that they are appropriately resolved.

(Editing by Una Galani; Production by Ujjaini Dutta)

((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))

MUMBAI, May 21 (Reuters) - India's Axis Finance plans to raise 10 billion rupees ($116.8 million), including a greenshoe option of 5 billion rupees, through a sale of bonds maturing in three years and three months, bankers said on Wednesday.

The company will pay an annual coupon of 7.37% on this issue and has invited bids on Thursday, the three bankers said.

Axis Finance did not reply to a Reuters request for comment.

Here is the list of deals reported so far on May 21:

*Size includes base plus greenshoe for some issues

($1 = 85.6020 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)

(([email protected]))

Updates with deal value in paragraphs 2-3

By Siddhi Nayak and Anton Bridge

MUMBAI/TOKYO, May 9 (Reuters) - Japanese lender Sumitomo Mitsui Banking Corporation (SMBC) has signed a definitive agreement to take a 20% stake in Indian private lender Yes Bank YESB.NS, a deal that marks the largest cross-border merger and acquisition deal in India's financial sector.

The total value of the deal, which involves SMBC buying shares from eight existing shareholders, comes up to 134.8 billion rupees ($1.58 billion), Sumitomo Mitsui Financial Group 8316.T said in a statement.

SMBC, is a unit of Sumitomo Mitsui Financial Group and is Japan's second-biggest bank.

Restrictions on ownership, stricter capital requirements, and state domination of the banking sector have made cross-border deals a rarity across Indian banks. A takeover of troubled Lakshmi Vilas Bank by Singapore-based DBS Group DBSM.SI in 2020 was the last major deal in the sector.

SMBC's stake purchase in Yes Bank, which will make it the largest shareholder in the lender, also marks the latest major overseas acquisition by a Japanese financial institution as they look to secure new sources of growth after years of rock bottom interest rates at home and a shrinking domestic population.

Last month investment bank Nomura 8604.T acquired Macquarie Group's MQG.AX U.S. and European public asset management businesses for $1.8 billion and last December Nippon Life Insurance made Bermuda-based Resolution Life a wholly-owned subsidiary for around $8.2 billion.

As part of the deal, SMBC will acquire a 13.19% stake from State Bank of India SBI.NS, also its largest investor, and an aggregate of 6.81% from Axis Bank, Bandhan Bank, Federal Bank, HDFC Bank, ICICI Bank, IDFC First Bank Limited and Kotak Mahindra Bank, Yes Bank said in a stock exchange filing.

SBI holds a 24% stake in Yes Bank, as a result of the regulator-led restructuring of the lender in March 2020.

ICICI Bank ICBK.NS, HDFC Bank HDBK.NS, Kotak Mahindra Bank KTKM.NS, Axis Bank AXBK.NS and Life Insurance Corporation of India LIFI.NS together hold an 11.34% stake in Yes Bank.

The transaction is subject to regulatory approvals from the Reserve Bank of India, Competition Commission of India and shareholders of the Bank, Yes Bank said.

SMBC's investment "marks a pivotal step in our next phase of growth," CEO Prashant Kumar said in the release.

SMBC was advised by financial advisors JPMorgan and Jefferies, Yes Bank said.

Reuters had reported this week that SMBC was close to agreement on acquiring a stake in Yes Bank and had received a verbal go-ahead from the central bank.

Shares of Yes Bank closed nearly 10% higher ahead of the announcement on Friday and have gained 2.2% so far this year.

($1 = 85.3990 Indian rupees)

(Reporting by Siddhi Nayak in Mumbai and Anton Bridge in Tokyo
Editing by David Goodman and David Evans)

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** Indian private lender Axis Bank AXBK.NS on Thursday beat fourth-quarter profit estimates and expressed confidence about its retail loan growth improving in the upcoming quarters

** Shares down 3.6% to 1164.60 rupees

MORE-THAN-ANTICIPATED STRESS IN UNSECURED LOANS "MAIN RISK"

** Nomura ("buy", hikes TP to 1450 rupees from 1230 rupees): Loan growth "a tad soft"; pickup will be key

** Emkay Research ("buy", raises TP by ~8% to 1400 rupees): Credit growth remains sub-optimal, more-than-expected stress in unsecured loans main risk

** ICICI Securities ("buy", lifts TP to 1400 rupees from 1320 rupees): Loan growth remains muted, lender instead prioritising margins

** Amidst impending pressure on loan yields, we expect growth to be relatively subdued in the near term, though it could see healthy recovery in CY27 from stable rates and easing liquidity conditions - ICICI

(Reporting by Hritam Mukherjee in Bengaluru)

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Recasts, updates with commentary from management

By Nishit Navin and Siddhi Nayak

BENGALURU/MUMBAI April 24 (Reuters) - Indian private lender Axis Bank AXBK.NS on Thursday beat fourth-quarter profit estimates and expressed confidence about its retail loan growth improving in the upcoming quarters.

The bank's loans grew 8% in the quarter ended March from a year ago, with retail loans expanding 7%.

Peers such as ICICI Bank reported a 14% loan growth for the same period.

Tighter guardrails by India's central bank and increased delinquencies on unsecured loans had led lenders to slow down credit growth in this segment.

"The actions that we took in terms of the credit tightening are actually giving us good results on the unsecured (retail) portfolio," said Arjun Chowdhry, an executive at Axis Bank.

"On the secured portfolio, we continue to hold up very well."

Axis Bank is "quite comfortable" with the retail loan growth forecast going into the next couple of quarters, even as corporate loan growth will be "muted" on tariff-related uncertainty, it said, without divulging specific targets.

The bank reported standalone quarterly net profit of 71.18 billion rupees ($834.7 million). Analysts on average had expected profit of 66.6 billion rupees, according to LSEG-compiled data.

Net interest income, the difference between interest earned on loans and paid on deposits, rose 6% to 138.11 billion rupees.

Net interest margin was at 3.97%, compared with 4.06% a year ago and 3.93% in the previous quarter.

Even though the cost of deposits has started trending downwards following two rate cuts by the central bank, there is "still some way to go," CEO Amitabh Chaudhry said.

Axis Bank's gross non-performing assets ratio - bad loans as a percentage of total loans, a key gauge of lenders' asset quality - was at 1.28% at March-end, down from 1.46% in the earlier quarter.

Provisions and contingencies, or funds kept aside for potential bad loans, rose 14% to 13.59 billion rupees from a year, but fell 37% from the previous quarter.

($1 = 85.2720 Indian rupees)

(Reporting by Nishit Navin in Bengaluru and Siddhi Nayak in Mumbai; Editing by Mrigank Dhaniwala and Shreya Biswas)

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April 15 (Reuters) - Axis Bank Ltd AXBK.NS:

• AXIS BANK - TO CONSIDER OPTION OF RAISING FUNDS

• AXIS BANK - TO EXPLORE OPTION OF RAISING FUNDS ISSUE OF EQUITY SHARES INCLUDING THROUGH QIP

• AXIS BANK - TO EXPLORE OPTION OF RAISING FUNDS THROUGH ISSUE OF DEBT INSTRUMENTS

Source text: ID:nBSE4fhX6m

Further company coverage: AXBK.NS

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MUMBAI, April 9 (Reuters) - India's Axis Finance has accepted bids worth an aggregate of 6.66 billion rupees (about $77 million) for the sale of bonds maturing in three year and two months and the reissue of March 2030 bonds, three bankers said on Wednesday.

It will pay an annual coupon of 7.7320% on fresh issue and a yield of 7.74% on the reissue, and had invited bids from bankers and investors earlier in the day, they said.

The company did not reply to a Reuters request for comment.

Here is the list of deals reported so far on April 9:

*Size includes base plus greenshoe for some issues

($1 = 86.5430 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Savio D'Souza)

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MUMBAI, April 8 (Reuters) - India's Axis Finance plans to raise 14 billion rupees ($162.99 million), including a greenshoe option of 9 billion rupees through the sale of bonds maturing in three year and two months and in five years, three bankers said on Tuesday.

It will pay an annual coupon of 7.75% on each issue and has invited bids from bankers and investors on Wednesday, they said.

The company did not reply to a Reuters request for comment.

Here is the list of deals reported so far on April 8:

*Size includes base plus greenshoe for some issues

($1 = 85.8970 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Nivedita Bhattacharjee)

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