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<ul><li><keyword id="6355975" type="COMPANY" weightage="20" keywordseo="axis-bank">Axis Bank</keyword>’s share price is up by over 6% in early morning trade.</li><li>The jump in stock value comes after the bank revealed that its moratorium book was only 9.7% of the total portfolio in terms of value. </li><li>Axis Bank has also built up buffers to the tune of $900 million to address stressed assets and COVID-19 contingency.</li></ul>Axis Bank’s share price rallied over 6% in early morning trade, reacting to its Q1 earnings posted last evening. The primary concern over asset quality was assuaged when the bank disclosed that only 9.7% total portfolio consisted of loans that had opted for the Reserve Bank of India’s (RBI) moratorium. <div type="image" title="axis bank stock price (1)" msid="77100086" hostid="261" caption="&amp;lt;p&amp;gt;Axis Bank stock price surges by over 6%&amp;lt;/p&amp;gt;"></div> Analysts are now positive about Axis Bank’s growth and have increased their earnings estimates based on the bank’s strong net interest income (NII) growth and sequential decline in provisions. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Target Price </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Motilal Oswal Securities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 600 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IDBI Capital </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 530 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Securities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 565 </td></tr></tbody></table> 90% of the customers who opted for the second moratorium are the same as the ones who opted for the first moratorium. Nonetheless, management said that Axis Bank remains cautious which is why it has a provision buffer of nearly $900 million and is building up a solid war chest. <div type="Article" hostid="261" msid="77086850" title="Axis Bank has set aside over $900 million fearing COVID-19 may sour loans" mstype="2" mssubtype="0"></div> In June, 80% of corporate clients and 70% of customers in retail who had opted for the moratorium successfully paid the interest on their loans. The bank’s Gross Non-Performing Assets (GNPA) ratio and Net Non-Performing Assets (NNPA) ratio has also improved over last quarter. <div type="image" title="Axis bank GNPA NNPA" msid="77100109" hostid="261" caption="&amp;lt;p&amp;gt;Axis Bank&amp;#39;s GNPA and NNPA ratios over the last five quarters&amp;lt;/p&amp;gt;"></div> This has helped boost the provisions coverage ratio (PCR) to 75%, an increase of 576 basis points (bps) over the last quarters. A hundred bps make up 1%. “Post near term stress taking shape, we expect the book to normalize and improve thereon,” said IDBI Capital’s review. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/axis-bank-has-set-aside-over-900-million-fearing-covid-19-may-sour-loans/articleshow/77086850.cms">Axis Bank has set aside over $900 million fearing COVID-19 may sour loans</a> <a href="https://www.businessinsider.in/stock-market/news/hdfc-bank-share-price-rises-on-bond-issue-and-increase-in-provision/articleshow/77061426.cms">HDFC Bank is beefing up capital and provision to cushion a spike in bad loans post moratorium — and that’s helping its share price</a>

Axis Bank share price surges over 6% after earnings reveal that only 9.7% of its loans are exposed to the moratorium

<ul class="summary-list"><li>Swiss banking giant <keyword id="48085" type="CITY" weightage="60" keywordseo="Credit-Suisse">Credit Suisse</keyword> posted better than expected earnings Thursday, reporting a 75% increase in quarterly profits.</li><li>Credit Suisse reported a 1.3 billion Swiss franc or CHF ($1.33 billion) net profit in Q1 compared to the first quarter of 2019, which it attributed to a "negative tax rate."</li><li>The bank warned, however, that coronavirus will have a large and unknown impact on its business as 2020 progresses.</li><li><a href="https://markets.businessinsider.com/stocks/credit_suisse-stock">Watch Credit Suisse trade live at Markets Insider.</a></li></ul>Swiss banking giant <a href="https://markets.businessinsider.com/stocks/credit_suisse-stock">Credit Suisse</a> posted a 75% increase in profits in the first quarter of 2020, but warned that it expects a significant fall in profitability as the year goes on and the coronavirus pandemic impacts its business.Credit Suisse reported a 1.3 billion Swiss franc or CHF ($1.33 billion) net profit in Q1 compared to the first quarter of 2019, which it attributed to a "negative tax rate."Elsewhere in the bank's results it reported higher-than-expected revenues and earnings per share, as well as increased pre-tax profits and returns on equity.Here are the key numbers versus estimates from Bloomberg: <ul><li>Revenue: CHF 5.78 billion ($5.93 billion) reported versus CHF 5.39 billion ($5.53 billion) expected.</li><li>Adjusted earnings per share: CHF 0.53 ($0.54) per share versus CHF 0.31 ($0.32) expected.</li><li>Net income: CHF1 .3 billion ($1.33 billion) reported, 75% higher from the same period the previous year.</li></ul>The Swiss bank put aside CHF1 billion ($1.03 billion) during the quarter to protect the bank from uncertainty and a drastic fall in oil prices. Thomas Gottstein, chief executive officer of Credit Suisse Group, said "In my first quarter as CEO of the Group, we all witnessed a highly challenging environment with a severe impact from the COVID-19 pandemic."We delivered a resilient performance," he added."The scale of the adverse economic impact of the COVID- 19 crisis is still difficult to assess and we would caution that we may also see further reserve build and impairments in the coming quarters, particularly in our Corporate Bank and other loans, outside Switzerland, as well as from our investments in Asset Management.""Additionally, we would caution that the recovery in advisory and underwriting fees might be limited, at least in the short term until the COVID-19 pandemic eases and the global economy begins to recover."Credit Suisse is the first of many European banks due to announce first quarter earnings during a tumultous time. <div type="image" title="FILE -- In this Nov. 19, 2015 file photo Tidjane Thiam, CEO Credit Suisse, informs the shareholders about a capital increase during an extraordinary general assembly in Bern, Switzerland. Credit Suisse said Chief Executive Officer Thiam is resigning. Thiam will be replaced by Thomas Gottstein, a 20-year veteran of the bank who leads the Swiss unit. (Dominic Steinmann/Keystone via AP)" height="1258" width="2515" msid="75319111" hostid="261"></div>These are Gottstein's first results since taking over in February after the bank's previous chief executive <a href="https://www.businessinsider.com/credit-suisse-ceo-tidjane-thiam-steps-down-after-spying-scandal-2020-2?r=US&amp;IR=TIR=T">Tidjane Thiam was forced to step down in February following an acrimonious spying scandal</a> in which a Credit Suisse banker was allegedly stalked by private investigators after joining rival bank UBS. In light of COVID-19, the Swiss bank has decided to revise its dividend proposal for its Annual General Meeting due to take place on 30 April 2020.Under the revised approach, the board of directors proposed distributing half of the originally proposed dividend at the AGM, before handing out the other half at an extra shareholder meeting in the Autumn, subject to the bank's performance during the expected coronavirus recession.Credit Suisse's stock was little moved on the results, falling about 1% in Swiss trading as of around 4.30 a.m. ET.Read the original article on <a href="https://www.businessinsider.com/credit-suisse-q1-2020-earnings-profits-up-warns-virus-impact-2020-4">Business Insider</a>

Credit Suisse reports a shock 75% spike in profits, but warns coronavirus is having a 'severe impact' on its business

Private sector lender <keyword id="19952948" type="General" weightage="20" keywordseo="Axis-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Axis Bank" meta.hostid="261" meta.entityid="Axis Bank">Axis Bank</keyword> on Wednesday reported a net profit of Rs 7,129 crore for the fourth quarter ended March 31, 2024. The bank had reported a net loss of Rs 5,728 crore in the March quarter of 2022-23 fiscal. Total income rose to Rs 35,990 crore in the March quarter of 2023-24 fiscal, from Rs 28,758 crore in the year-ago period. The bank's Net Interest Income (NII) grew 11 per cent Year-on-Year (YoY) to Rs 13,089 crore. For 2023-24 fiscal, the net profit jumped 160 per cent to Rs 24,861 crore. The numbers for the March quarter of 2022-23 fiscal and the full fiscal include the impact of exceptional items relating to the <keyword id="19941660" type="General" weightage="20" keywordseo="citibank" source="keywords">Citibank</keyword> business acquisition, Axis Bank said. Its balance sheet grew 12 per cent YoY to Rs 14,77,209 crore as on March 31, 2024. The bank issued 1.24 million new credit cards in the March quarter of FY24 and has been one of the highest credit card issuers in the country over the last nine quarters, Axis Bank said in a regulatory filing. The bank's board has recommended a dividend of Re 1 per equity share of the face value of Rs 2 per equity share for FY24. Shares of Axis Bank settled at Rs 1,063.70 apiece, up 0.69 per cent over the previous close on the BSE. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/realme-narzo-70-narzo-70x-5g-smartphones-launched-in-india-starting-at-11999/articleshow/109557895.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/realme-narzo-70-narzo-70x-5g-smartphones-launched-in-india-starting-at-11999/articleshow/109557895.cms" target="_blank">Realme Narzo 70, Narzo 70X 5G smartphones launched in India starting at ₹11,999</a><a href="https://www.businessinsider.in/tech/news/gigabyte-aorus-co49dq-49-inch-qd-oled-144hz-curved-gaming-monitor-launched-in-india/articleshow/109563798.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/gigabyte-aorus-co49dq-49-inch-qd-oled-144hz-curved-gaming-monitor-launched-in-india/articleshow/109563798.cms" target="_blank">GIGABYTE AORUS CO49DQ 49-inch QD-OLED 144Hz curved gaming monitor launched in India</a><a href="https://www.businessinsider.in/tech/news/apple-let-loose-event-scheduled-for-may-7-ipads-expected-to-be-launched/articleshow/109553148.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/apple-let-loose-event-scheduled-for-may-7-ipads-expected-to-be-launched/articleshow/109553148.cms" target="_blank">Apple Let Loose event scheduled for May 7 – New iPad models expected to be launched</a>

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Axis Bank share price surges over 6% after earnings reveal that only 9.7% of its loans are exposed to the moratorium

Prabhjote Gill

Credit Suisse reports a shock 75% spike in profits, but warns coronavirus is having a 'severe impact' on its business

Saloni Sardana

Axis Bank posts net profit of ₹7,129 cr in March quarter

PTI

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