April 28, 2020
AXIS BANK ANNOUNCES FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31stMARCH 2020
Results at a Glance
Profit & Loss Account: Period ended 31stMarch 2020
Operating Profit and Net Profit
The Bank’s operating profit for the quarterwas`5,851crores, up17% YOY from `5,014crores in Q4FY19.
Netloss for Q4FY20 stood at Rs.1,388 crores.
Digital
Axis Bank continues to remain amongst the top players in mobile banking space -both in terms of transaction value and volumes, as per the latest RBI data available till January2020.
Joint venture between Max Financial Services and Axis Bank
Axis Bank Limited (Axis Bank) and Max Financial Services Limited (MFS) today announced the signing of definitive agreements to become joint venture partners in Max Life Insurance Company Limited (Max Life).Axis Bank will hold 30% stake in Max Life post transaction closure, thus making Max Life a 70:30 joint-venture between MFS and Axis Bank. The proposed transaction is subject to approval of requisite corporate and regulatory authorities (including RBI,IRDAI and CCI).
Axis Bank’s response to COVID-19 challenges
The past several weeks have witnessed the country battling an unprecedented crisis. The Bank was quick to recognize the gravity of the situation -a senior Central Emergency Response Team (CERT) was activated over a month before the lockdown, The Bank continues to support all citizens of India, and stands one with the nation at this crucial juncture. It has set aside Rs.100 crore to support customers, employees, vendors, government agencies and the community at large towards curbing the spread of the virus
Amitabh Chaudhry, MD&CEO, Axis Bank said, “The crisis we are facing as a nation is a long drawn one and it will need courage, grit and a fighting spirit to combat it. We believe in learning from all adversaries. For example, the lock-down has taught us how Work From Home (WFH) can be more productive and convenient. We are now exploringif WFH can become a part of our work culture going ahead. We will keep learning and pushing our limits to emerge stronger as anorganization.
