Top News
Axis Bank reports Q4 net loss, higher provisioning for NPAs (Lead)
Mumbai, April 26 (IANS) Lending major Axis Bank on Thursday reported its first net loss since 1998 due to a rise in NPA provisioning.
According to the lender, its net loss stood at Rs 2,189 crore during the fourth quarter (Q4) of 2017-18 from a net profit of Rs 1,225 crore reported for the corresponding period of last fiscal.
“One area where we have been disappointed with our performance has been credit risk. We made some significant bets on the infrastructure sector, which have turned out poorly in this credit cycle,” Axis Bank’s Managing Director and CEO Shikha Sharma said.
“Consequently, our NPA ratios have risen materially over the last two years. We have been course correcting since as early as 2013, balancing our portfolio mix, strengthening risk management frameworks, focusing on higher rated corporates, and re-orienting the corporate lending business towards working capital loans.”
Sharma added: “For the asset quality pain to truly moderate, however, it is critical for us to complete the NPA recognition process, and put the last cycle behind us. Which is what gets us to the bank’s results in this quarter.”
As on March 31, 2018, the bank’s gross NPA and net NPA levels rose to 6.77 per cent and 3.40 per cent from 5.28 per cent and 2.56 per cent as on December 31, 2017 respectively.
“The bank has recognised slippages of Rs 16,536 crore during Q4FY18. This includes an accelerated recognition in the stressed loan book of the bank, particularly in the power sector. It also includes a one-time impact driven by recent regulatory guidelines on Resolution of Stressed Assets,” the lender said in a statement.
However, the bank’s net interest income (NII) inched-up to Rs 4,730 crore during the quarter from Rs 4,729 crore earned during the corresponding quarter of the previous year.
On a financial year basis, the bank reported that its net profit for the year ended on March 31, 2018 declined by 93 per cent to Rs 276 crore from Rs 3,679 crore for the previous year.
The 2017-18 NII rose by 3 per cent to Rs 18,618 crore from Rs 18,093 crore for the previous year.
–IANS
rv/mr
Top News
Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.