Specialist in Indian Banking and Economic Research

Hemindra Hazari

Is a Securities & Exchange Board of India (SEBI) registered research analyst with over 25 years experience in the Indian capital markets with a specialization in banking and economy research and has managerial experience of establishing profitable equities business, leading and mentoring analysts.  He has worked with prominent foreign and domestic capital market firms such as UBS, Societe Generale, HSBC, ASK Raymond James  and Karvy Stock  Broking and is a regular guest on business media channels and is respected for his non-consensus view on stocks and the market.

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<p>Axis Bank shocked analysts when it declared profits of only Rs 3.19 bn for the quarter ended September 30, 2016 (2QFY2017). This was  a precipitous fall of 83% from a year ago. The reason: a large chunk of its corporate watch list loans were reported as non-performing. The same analysts in the March-end quarter (4QFY2016) had hailed the bank for its transparency when it declared its watch list. At that time, the management’s guidance was that 60% of the watch list would become non-performing within 8 quarters. By October 25, Axis Bank was stating that “materially more than 60%” of the watch list would become bad, as the economy was unfavourable and the tools announced by the banking regulator for asset recovery were inadequate. Blaming the external environment for performance shortfalls is a time honoured tradition for entities unwilling to accept responsibility. If negative developments are to be attributed to extraneous factors, then why should management exist and why should they be so highly paid?</p>

Axis Bank shocked analysts when it declared profits of only Rs 3.19 bn for the quarter ended September 30, 2016 (2QFY2017). This was  a precipitous fall of 83% from a year ago. The reason: a large chunk of its corporate watch list loans were reported as non-performing. The same analysts in the March-end quarter (4QFY2016) had hailed the bank for its transparency when it declared its watch list. At that time, the management’s guidance was that 60% of the watch list would become non-performing within 8 quarters. By October 25, Axis Bank was stating that “materially more than 60%” of the watch list would become bad, as the economy was unfavourable and the tools announced by the banking regulator for asset recovery were inadequate. Blaming the external environment for performance shortfalls is a time honoured tradition for entities unwilling to accept responsibility. If negative developments are to be attributed to extraneous factors, then why should management exist and why should they be so highly paid?

Axis Bank:Profits Have Many Parents, Fiascos Are Orphans

Axis Bank Ltd

Axis Bank:Profits Have Many Parents, Fiascos Are Orphans