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A Muslim bride wears ornaments during a mass wedding ceremony in the western Indian city of Ahmedabad November 14, 2007 (image strictly representational).Reuters file

Axis Bank, India's third-largest private sector bank, continues to be in the limelight since the buzz about its merger with Kotak Mahindra Bank started a few weeks ago. The bank was quick to dismiss the rumours. To make things more clear, CEO Shikha Sharma said suitors would be disappointed as the "bride" (Axis Bank) was not interested.

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"It's good to feel like a beautiful bride that everybody is aspiring for, but the point is that if the beautiful bride is not putting up her hand for marriage, then you can have a lot of suitors but there won't be a marriage," Shikha Sharma of Axis Bank told the Economic Times.

The earlier denial by the lender was more formal and muted.

"In this connection please note that in light of repeated reports appearing in some sections of the media, we reiterate that the said news is baseless and unsubstantiated," the bank had informed the Bombay Stock Exchange (BSE) last Monday.

The third quarter results of both the banks were in sharp contrast to each other, as reported a few days ago.

Downbeat Q3 results of Axis Bank

Axis Bank's net profit had plunged 73 percent to Rs 579.60 crore in the December 2016 quarter (Q3) as against Rs 2,175.3 crore in the corresponding period last fiscal. Net interest income (NII) rose 4.1 percent to Rs 4,333.7 crore from Rs 4,162.1 crore.

Net non-performing assets (NPAs) as a percentage of total advances rose sharply to 2.18 percent in Q3 as against 0.75 percent in the corresponding quarter in fiscal 2016. Total advances stood at Rs 347,175 crore; retail lending accounted for 43 percent of total advances at Rs 149,538 crore.

As of December 31, 2016, the bank had a network of 3,211 domestic branches and extension counters situated in 1,946 centres, and 13,726 ATMs. 

The government of India holds 12 percent in Axis Bank through SUUTI and an additional 18 percent via state-run life insurer LIC and other non-life, public sector insurance companies. 

Axis Bank was in the news post demonetisation for all the wrong reasons.

Kotak Mahindra Bank Q3 results were upbeat 

On  the other hand, Kotak Mahindra Bank (KMB) had reported a 39 percent rise in its Q3 net profit to Rs 880 crore in comparison to Rs 635 crore in the corresponding period last fiscal. NII increased 16 percent to Rs 2,050 crore in Q3 from Rs 1,766.21 crore in the year-ago period.

Net and gross NPAs of KMB stood at 2.42 percent and 1.07 percent, respectively.

The bank had 1,348 branches as of December 31, 2016. Total advances stood at Rs 129,261 crore, of which retail lending was Rs 51,582 crore.

India's biggest lender by advances is public sector State Bank of India (SBI) while the top private sector lender is ICICI Bank. HDFC Bank is the second-largest among private banks.

On Thursday, Axis Bank shares closed at 528 apiece, ICICI Bank ended at Rs 284 and HDFC Bank lost marginally at Rs 1,394. The stock markets were closed on Friday on account of Maha Shivaratri.

Meanwhile, State Bank of India informed stock exchanges on Thursday that its merger with five associates – State Bank of Mysore, State Bank of Patiala, State Bank of Hyderabad, State Bank of Travancore and State Bank of Bikaner and Jaipur– will come into effect from April 1, 2017. 

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The Connaught Place branch of Axis Bank in New Delhi, December 15, 2016.IANS