Axis Bank to focus on credit card and personal loan businesses to boost margin
Private sector lender Axis Bank said it's willing to take a little more risk and increase its unsecured loans portfolio to improve yield on advances, with the economy showing stability and higher growth prospects Stock Market Trading Tips
With a Rs 2.42 lakh crore lending portfolio, the bank is now planning to focus more towards high-yielding segments such as credit card and personal loans. The bank had Rs 94,300 crore of retail advances at the end of September, about 18 per cent of which accounted for unsecured lending. "We are more comfortable with underlying economy. We are willing to take a little more risk," Rajiv Anand, retail banking head at Axis Bank, said on Wednesday. Most lenders had exited the unsecured lending businesses after the 2008 global economic crisis, which led to job losses and default in loan repayments. Retail lending saw traction once business sentiment started improving Financial Astrology Trading Tips
Axis' retail lending business grew 4.5 times to Rs 94,300 crore from Rs 20,800 crore in March 2010. It reported an 18 per cent rise in net profit for the quarter to September with net interest income, the difference between interest earned and interest expended, rising 20 per cent.
The third largest private sector bank on Wednesday announced the launch of a smart self-service terminal that enables customers to deposit as well as withdraw cash from the same machine. Customers can initiate a deposit transaction through the smart self-service terminal even without using a debit card and will receive instant credit for the deposited amount. There is no cap on the amount of cash deposited by the customer through these terminals if his/her PAN details are available with the bank Personal Numerology Trading Tips
With a Rs 2.42 lakh crore lending portfolio, the bank is now planning to focus more towards high-yielding segments such as credit card and personal loans. The bank had Rs 94,300 crore of retail advances at the end of September, about 18 per cent of which accounted for unsecured lending. "We are more comfortable with underlying economy. We are willing to take a little more risk," Rajiv Anand, retail banking head at Axis Bank, said on Wednesday. Most lenders had exited the unsecured lending businesses after the 2008 global economic crisis, which led to job losses and default in loan repayments. Retail lending saw traction once business sentiment started improving Financial Astrology Trading Tips
Axis' retail lending business grew 4.5 times to Rs 94,300 crore from Rs 20,800 crore in March 2010. It reported an 18 per cent rise in net profit for the quarter to September with net interest income, the difference between interest earned and interest expended, rising 20 per cent.
Anand said the bank now plans to scale up its credit card base from 1 million to boost unsecured loan portfolio with improved market sentiment. The Organisation for Economic Cooperation and Development (OECD) has forecast that India would grow by 6.6 per cent in 2015-16, up from sub-5 per cent level last year Commodity Trading Tips
The third largest private sector bank on Wednesday announced the launch of a smart self-service terminal that enables customers to deposit as well as withdraw cash from the same machine. Customers can initiate a deposit transaction through the smart self-service terminal even without using a debit card and will receive instant credit for the deposited amount. There is no cap on the amount of cash deposited by the customer through these terminals if his/her PAN details are available with the bank Personal Numerology Trading Tips
posted by Naresh Jain @ 02:36
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