Axis Bank on Thursday reported a profit of Rs 1,505.06 crore for the quarter ended March 31. The private lender had posted a loss of Rs 2,188.74 crore in the corresponding period last year.
Analysts in an ET NOW poll has projected a net of Rs 1,615 crore. Provisions and contingencies declined 62 per cent YoY and 11.23 per cent QoQ to Rs 2,711.43 crore.
Asset quality improved in Q4FY19 with percentage of gross non-performing assets declining to 5.56 per cent from 5.75 per cent sequentially. The figure stood at 6.77 per cent in the corresponding quarter last year. Net NPA eased to 2.06 per cent against 2.36 per cent on a QoQ basis. It was at 3.40 per cent in the same quarter last year.
The board of the company recommended a dividend of Re 1 per equity share on a face value of Rs 2.The lender’s operating profit advanced 37 per cent YoY to Rs 5,014 crore in Q4FY19. Net interest income increased 21 per cent to Rs 5,706 crore. Net interest margin stood at 3.44 per cent.
For the full financial year, the lender reported a profit of Rs 4,677 crore against Rs 276 crore in FY18. Operating profit for FY19 grew 22 per cent.Gross slippages fell 19 per cent on a sequential basis to Rs 3,012 crore.
The bank’s balance sheet grew by 16 per cent to Rs 8,00,997 crore as on March 31. Advances increased 13 per cent YoY to Rs 4,94,798 crore as on March 31.
The book value of investments portfolio stood at Rs 1,74,969 crore of which Rs 1,20,239 crore were in government securities, while Rs 40,169 crore were invested in corporate bonds and Rs 14,561 crore in other securities such as equities, preference shares and mutual funds among others.
The bank has recognised slippages of Rs 3,012 crore during Q4FY19, compared to Rs 3,746 crore in Q3FY19 and Rs 16,536 crore in Q4FY18.
The bank has made additional provisions of Rs 1,300 crores over and above the normal NPA provisioning during the quarter. These provisions are not included in the standard PCR calculations.
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