Culture&Arts

Axis Bank Q3 net rises 25%

Axis Bank Q3 net rises 25%

Mumbai: The country's third-largest private lender Axis Bank reported a net profit of Rs 726 crore for the quarter ended December 31, 2017 - an increase of 25% over Rs 580 crore in the corresponding period past year.

Net profit increased to Rs 726 crore or Rs 2.99 per share from Rs 580 crore or Rs 2.41 per share a year ago.

Asset quality improved sequentially with fresh slippages falling by abut 50%.

Axis Bank reported stellar quarterly performance in the recent quarter ended December 2017.

Trading income fell 87% to Rs 200 crore from Rs 1,525 crore a year earlier as bond yields rose sharply during the quarter.

At a conference call after the results, Jairam Sridharan, chief financial officer of Axis Bank, said the worst was over in terms of slippages for the bank. The proportion of low-priced current account, savings account (CASA) deposits in total deposits improved to 49 per cent as at December-end 2017 from 48 per cent as at December-end 2016.

"The recognition process (of bad loans) is over".

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While admitting that slippages remained high at the gross level, Sridharan said the large accounts did not turn non-performing and accretion was seen only in the case of small accounts.

During the quarter, other income (comprising fee, trading profit and miscellaneous income) fell 24 per cent to Rs 2,593 crore against Rs 3,400 crore previous year because of an 87 per cent fall in trading income. Net NPAs also dropped to 2.56% in December 2017 from 3.12% in September 2017.

The bank also fared well on recoveries and upgrades with Rs 4,008 crore in recoveries, while its write- offs stood at Rs 2,822 crore.

Axis Bank shares closed at ₹611.05 apiece, up 3.52 per cent over the previous close on the BSE.

The bank's watch list of accounts which were sensitive accounts that could become NPAs declined 12% to Rs 5,309 crore from Rs 22,600 crore at the end of March 2016 and is likely to be wound down by the end of March 2018 as guided by the bank earlier.

While the bank reported 9% growth in net interest income to ₹4,732 crore, non-interest income fell 24% to ₹2,593 crore due to lower trading gains that fell to about ₹200 crore from ₹1,595 crore.

Powered by robust growth in retail (29 per cent) and SME loans (27 per cent), overall advances increased 11 per cent to ₹4,20,923 crore.


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