1. Axis Bank first quarter net profit falls 16% on year; 5 key highlights

Axis Bank first quarter net profit falls 16% on year; 5 key highlights

The third-largest domestic private sector bank Axis Bank today reported a fiscal first-quarter net profit fell 16% on year beating the analyst expectations as its bad loan additions slowed.

By: | Published: July 25, 2017 5:23 PM
Axis Bank said on Tuesday, the profit after tax for the April-June quarter was down 16% at Rs 13.06 billion. (Image: Reuters)

The third-largest domestic private sector bank, Axis Bank today reported a fiscal first-quarter net profit fell 16% on year beating the analyst expectations as its bad loan additions slowed. Axis Bank said on Tuesday, the profit after tax for the April-June quarter was down 16% at Rs 13.06 billion versus a net profit of Rs 15.56 billion a year ago in the same period.

Net profit beats estimates:

However, the net profit of the private lender has beaten the Reuters consensus forecast for April-June quarter of Rs 12.82 billion.

Asset performance:

Gross bad loan ratio as a percentage of total loans and advances came in at 5.03% as on end of the June, compared with 5.04% at March-end. While the gross (non-performing assets) NPA ratio was at 2.54% at end of June 2016. The net NPAs for the quarter ended in June 2017 was at 2.3% versus 2.11% in the same period in the previous year.

Earnings radar:

The total interest earned on the loans and advances for the April-June quarter was at Rs 110.52 billion versus Rs 111.14 billion a year ago in the same period. Axis Bank said its net interest margin for the first quarter stood at 3.63%.\

Contingencies:

The provisions for the quarter ended in June was at Rs 23.42 billion versus Rs 21.17 billion a year ago in the same period. As on 30th June 2017, loans outstanding on bank’s watch list declined 16% over the previous quarter and stood at Rs 79.41 billion.

Stock price:

Shares of Axis Bank today rose as much as 2.37% to the day’s high of Rs 547.5 on NSE. However, the stock of the private bank has returned over 21% since this calendar year while it declined 1.65% on yearly basis.

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