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Axis Bank Q3 net profit trebles as income rises, provisions drop

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Axis Bank Q3 net profit trebles as income rises, provisions drop

Private sector lender Axis Bank on Monday reported that its net profit tripled year-on-year to Rs 3,614 crore in the December quarter of FY22 on higher revenue and lower provisions.

The bank’s total provisions and contingency expenses stood at Rs 1,335 crore, down 64% year-on-year. The bank reported total revenue of Rs 21,101 crore for the three months ended December 31, up 15 percent from a year earlier. Axis Bank’s net interest income (NII) – the difference between interest earned and interest paid – rose 17 per cent year-on-year to Rs 8,653 crore as its net interest margin (NIM), a key measure of profitability indicator) was 3.53%, a month-on-month increase of 14 basis points (bps). Axis Bank’s other income, including fees, trading profits and miscellaneous income, rose 31 percent year-on-year to Rs 3,840 crore in the three months to December.

The bank’s gross non-performing asset (NPA) ratio (non-performing loans as a percentage of total advances) was 3.17% in the third quarter of fiscal 2022, down 36 basis points quarter-on-quarter and down 27 basis points year-over-year. After provisions, the net NPA ratio was 0.91% in the third quarter, compared to 1.08% in the September quarter of FY22 and 0.74% in the same period last year.

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Puneet Sharma, chief financial officer at Axis Bank, said: “With our outlook on overall credit performance, we do expect credit costs to continue to moderate as we have shed significant wholesale exposure.”

Amitabh Chaudhry, chief executive of Axis Bank, said that over the past few years, the bank had set the right provisions to absorb the up-front Covid-19-related blow by not making excessive ECLGS loans or even restructuring. “This is reflected in improved asset quality,” Chowdhury said.

Launched on May 20, 2020, ECLGS provides 100% guarantee coverage to selected borrowers, although it was originally designed for small business borrowers with fund-based credit outstanding up to Rs 250 crore, it is now Other parts are also included.

The bank’s gross slippage in Q3FY22 was Rs 4,147 crore compared to Rs 5,464 crore in Q2 and Rs 7,993 crore in Q3 FY21. The slippage of the loan book was Rs 3,332 crore and the slippage of the investment risk was Rs 8.15 crore. Its recoveries and upgrades from NPA stood at Rs 3,288 crore during the quarter, while write-offs were at Rs 1,707 crore. Axis Bank’s advances rose 17% year-on-year to Rs 6.64 trillion as at December 31. Retail loans rose 18% year-on-year to Rs 3.67 trillion and accounted for 55% of net bank advances. The share of secured retail loans is 80%, and housing loans account for 37% of the retail book. The bank’s corporate loan book rose 13% year-on-year to Rs 2.29 trillion.

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“Mortgage loans are the largest (in the retail lending segment). But small business banking is growing strongly and personal loans are starting to show quarter-on-quarter growth. Growth in auto loans is limited due to supply-side issues,” Axis Bank Group Executive and Retail Lending Director Sumit Bali said.

Complete News Source : mint

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Samay Raina’s Bold Return: ‘Still Alive’ Sparks Firestorm After India’s Got Latent Drama

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Samay Raina: Bold Comeback Sparks Firestorm

The king of contentious jokes is now again in the public eye. Samay Raina has shocked the Indian digital scene with the official announcement of his brand-new comedy spectacular, Still Alive. This manoeuvre is classic Raina for a man who seems to breathe through a loudhailer of pandemonium.

On social media right now, fans are going crazy. The announcement follows the intense chaos surrounding his popular program, India’s Got Latent. Although the show’s unvarnished and frequently brutal honesty went viral on the internet, it also put Samay in the center of a contentious national discussion.



The Aftermath of the Storm

You can’t ignore Samay Raina, whether you enjoy the turmoil or find it draining. The uproar surrounding India’s Got Latent was a significant cultural event rather than a mere incident. Loyal admirers believed it was the final stronghold of unadulterated comedy, while critics said the humour breached boundaries.

Samay, as usual, seemed unmoved by it all. He didn’t back down or offer a typical business apology. He leaned into the friction instead. The enormous anticipation for his upcoming special has been fuelled by this uncompromising attitude.

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Why ‘Still Alive’ Matters

Even the title seems like a sharp shot at his critics. Samay is essentially telling the world that cancel culture failed by naming the special Still Alive. In a time when comedians are frequently treading carefully, it’s a statement of perseverance.

Since this isn’t just another collection of jokes, expectations are extremely high. It’s an answer. There are a lot of theories in the comedy community regarding whether he will respond to the particular criticisms over the past few months or just focus more on the type of humour that made him famous.


A Masterclass in Hype

Like his sets, Samay’s marketing approach is unorthodox. With an army of “Supreme Leader” supporters, he doesn’t require conventional PR firms. “Still Alive” started to trend on social media sites like X and Instagram within minutes of the teaser’s release.

The time is exact surgically. He turned the subject to his solo artistry just as the chatter from the latent talent hunt reached a fever pitch. This change returns attention to his main identity as a stand-up comedian while keeping him at the center of the story.

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Breaking the Internet Again

The comment sections are an exciting battleground. Calling it the “comeback of the century,” supporters laud his capacity to convert heat into gasoline. Everyone is looking forward to the “unhinged” content that characterises the Raina experience.

Even people who find his style unsettling are paying attention. The Samay Raina effect is that. You keep an eye on him to see how far he will go. His capacity to sustain a sizable, devoted following in spite of—or even because of—the controversy is an intriguing example of contemporary stardom.


The Evolving Landscape of Indian Comedy

The timing of this special is crucial for the Indian comedy industry. There has never been a greater gap between “clean” business humour and the grungy, underground vibe that Samay promotes. For the latter, Still Alive is a big stake in the ground.

Raina’s transformation from a chess streamer to a comedy mogul is very remarkable. By making the audience feel like they are a part of an inside joke, he has successfully gamified the industry. The “latent” scandal didn’t break him because of this sense of community; instead, it strengthened his social group.

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What to Expect on Stage

The trailer suggests a darker, more introspective, yet equally cutting tone, even though the precise themes of the program are still unknown. He will probably discuss the ridiculousness of his own notoriety as well as the peculiarity of online indignation.

No subject is off-limits, if his previous work is any guide. Samay thrives when the stakes are high, whether it’s through scathing societal commentary or self-deprecating anecdotes. Additionally, the production quality seems to have improved, indicating his entry into the major leagues of international specials.


The Supreme Leader Stays Put

Tickets for the “Still Alive” tour are already selling out quickly. It is evidence that authenticity, regardless of how divisive it may be, is the most valuable commodity in the content industry. In addition to singing, Samay is spearheading a fan base that is fed up with clean, polished entertainment.

There’s no sign that the cacophony will stop anytime soon. It’s actually becoming louder. The conflict between his detractors and supporters will likely worsen as the dates draw near. However, Samay Raina finds that tension to be the ideal setting for growth. He is the storm, not merely a survivor of it.

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