Axis Bank – Third largest of the private-sector banks in India
Axis bank is the third largest private sector bank in India. When Government of India allowed new private sector banks to be established, the Axis Bank was the first of the new private banks to have begun operations in 1994. It is headquartered in Mumbai and its registered office in Ahmedabad. The bank has,304 domestic branches and 14,163 ATMs across the country as on 31st March 2017.
Axis Bank is one of the fastest growing private sector bank in India. It operates treasury, retail banking, corporate/ wholesale banking and other banking business. Retail banking includes wide array of products and services across deposits, loans, investments and payment solutions which are delivered through multiple channels to the Bank’s customers. It also includes liability products, card services, Internet banking, automated teller machines (ATM) services, depository, financial advisory services, and non resident Indian (NRI) services.
The bank currently has 10 subsidiaries. They are as follows,
- Axis Capital Ltd.
- Axis Private Equity Ltd.
- Axis Trustee Services Ltd.
- Axis Asset Management Company Ltd.
- Axis Mutual Fund Trustee Ltd.
- Axis Bank UK Ltd.Axis Securities Ltd.
- Axis Finance Ltd.
- Axis Securities Europe Ltd.
- Axis Trends Limited
Axis bank was formerly known as UTI Bank. The name of the country’s third largest private sector lender UTI Bank has been officially changed to the Axis Bank Ltd with effect from 30 July, 2007. UTI Banks changed only the name as “Axis ” and never changes its other activities. They choose Axis as it is simple and it conveys a sense of solidity and a sense of maturity. They have 600 offices and 2,457 ATMs in 346 cities, towns and villages. The bank has a customer base of about 60 lakhs. Now there is a large increment in their business operation.
Axis bank reported a 43% decline in net profit in the March quarter from a year ago. A net profit of Rs 2,154.28 crore for the January-March quarter of the previous fiscal, 2015-16. Now it reaches to Rs 1,225.10 crore . As on March 2017, there is an improvement in gross NPA’s ( non-performing assets ), it improved to 65%, from 64% as on December 31, 2016. Total income increased to Rs 56,233.47 crore during the year, compared to Rs 50,359.50 crore in the earlier fiscal. Axis Bank stock closed at Rs 517.30, up 0.42%, on BSE.