Snapdeal Closes deal with Axis bank to sell FreeCharge for $60 Million

Federal Bank | Wikimedia Commons

Federal Bank | Wikimedia Commons

However, the country's third-biggest non-state lender beat analysts' estimate of Rs 1,282 crore and posted a net profit of Rs 1,306 crore for the first quarter. The bank's growth was affected by higher provisions, increased credit costs and lower operating income, reported the Economic Times.

Freecharge rivals, Paytm and Mobikwik were also in the race of acquisition of the online payment portal.

Total advances grew by 32.1% to Rs 139971.8 crore on the back of robust growth in both corporate and retail advances.

Bandhan Bank has generated the net profit up to ₹327 crore during the first quarter of the current financial year as compared to the same period previous fiscal. The account - Jaiprakash Associates - had received approval in June to complete sale of a part of its cement business to Ultratech Cement for Rs 16,189 crore. The bank recovered another Rs 37 crore in July, and the remaining amount is likely to be recovered in the July-September quarter, Rana Kapoor said. Private-sector Axis Bank is believed to have firmed up plans to acquire the digital payments platform FreeCharge at a knock-out price of roughly Rs 390 crore.

Rana Kapoor, chief executive officer and managing director, said, "Most of that was recovered or written off during the course of the year with a net figure of Rs 1,040 crore". Total provision during the quarter stood at Rs 285.78 crore, lower than Rs 309.73 crore in the previous quarter, but higher then Rs 206.63 crore inthe corresponding period past year.

The ratio of gross NPAs to gross advances stood at 0.97% as on 30 June 2017 as against 1.52% as on 31 March 2017 and 0.79% as on 30 June 2016. However, provisioning for bad loans and contingencies rose to Rs. 236.44 crore for April-June of 2017-18 from Rs 168.48 crore a year ago.

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