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Equity | News | Hot Pursuit
Hot Pursuit
Axis Bank tumbles after S&P downgrade
(14:41, 29 Jun 2020)
Axis Bank's issuer credit rating was cut one notch to BB+, indicating junk status.

We lowered our ratings on Axis to reflect our expectation that heighten economic risks facing India's banking system will affect the bank's assetquality and financial performance. While Axis' asset quality is superior to the Indian banking sector average, its level of nonperforming assets (NPAs)will likely remain high compared to international peers'. Nevertheless, we expect the bank to maintain its strong market position and adequate capitalization, the ratings agency said in a release.

S&P said the stable outlook reflects its view that its ratings on Axis already factor in some deterioration in the bank's asset quality and performance over the next 12 months. The agency said it could lower the ratings on Axis if the bank's stressed assets rise significantly beyond the system average over the next few quarters.

The credit ratings firm said it could raise its ratings on Axis if the bank's performance, particularly its asset quality, is significantly superior to that of domestic peers and commensurate with international peers' over the next 18 months.

On Saturday, Axis Bank in an exchange filing said The rating report inadvertently mentions the Bank being on CreditWatch. In this regard, S&P has confirmed that it is an editorial error and Bank is on STABLE outlook.

Axis Bank is the third largest private sector bank in India. The bank offers the entire spectrum of services to customer segments covering large and mid-corporates, SME, agriculture and retail businesses. It has 4,800 branches, 17,801 ATMs and 4,917 cash recyclers spread across the country as of 31 March 2020 and nine international offices.

The private lender reported a net loss of Rs 1,387.78 crore in Q4 March 2020 compared with net profit of Rs 1,505.06 crore in Q4 March 2019. Total income rose 10% to Rs 20,219 crore in Q4 March 2020 over Q4 March 2019.

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