Axis Bank shines in Q3FY19, witnesses whopping 131% rise in PAT
The bank bagged a net profit of Rs 1,680.85 crore in Q3FY19, which was higher by a whopping 131.38% compared to Rs 726.44 crore in corresponding period of previous year.
Private lender Axis Bank's December 2018 (Q3FY18) quarter was robust, as the bank's net profit more than doubled during the period. The bank bagged a net profit of Rs 1,680.85 crore in Q3FY19, which was higher by a whopping 131.38% compared to Rs 726.44 crore in corresponding period of previous year. This was not it, Axis Bank also recorded a massive 112.87% rise in net profit in Q3FY19 versus Rs 789.61 crore seen in the preceding quarter. The share price of Axis Bank finished at Rs 660.80 per piece above Rs 4.85 or 0.74%.
Every financial indicator in Axis Bank showed a stable performance. Even net interest income (NII) came in at Rs 5,603.67 crore, up by 18.43% from Rs 4,731.52 crore in Q3FY19. There was a sequential increase of 7.10% when NII in Q3FY19 compared with Q2FY19 NII where the amount stood at Rs 5,232.11 crore.
Net interest margin for Q3FY19 stood at 3.47%.
Apart from this, provisions for gross NPA remained on a single-digit rise, and stood at Rs 3,054.51 crore in Q3FY19 up by 8.66% from Rs 2,811.04 crore in Q3FY18 and above 4.34% from Rs 2,927.38 crore in Q2FY19.
— Zee Business (@ZeeBusiness) January 29, 2019
In Q3FY19, Axis Bank's gross NPA was at Rs 30,854.67 crore which rose by 23.41% versus Rs 25,000.51 crore in Q3FY18 but gradually down by 0.27% as against Rs 30,938.33 crore in Q2FY19. In percentage terms, Axis Bank's gross NPA was at 5.75% in Q3FY19 vs 5.96% in Q2FY19 vs 5.28% in Q3FY18.
The bank's operating Profit for the quarter grew 43% YoY to Rs 5,525 crore.
Axis Bank recovered Rs 998 crores this quarter largely comprising of two accounts from the prudentially written off pool, compared to Rs 40 crores in Q3FY18. The Bank sold its stake in two strategic investments during the quarter generating a gain of Rs 342 crores. Miscellaneous Income, for the quarter stood at Rs 1,007 crores compared to `148 crores in Q3FY18.
For nine month period of FY19, Axis Bank's NII grew by 15% YOY to Rs 16,003 crores from `13,887 crores in 9MFY18. Meanwhile, PAT comes at Rs 3,171.55 crore in 9MFY19, up by 28.69% from Rs 2,464.42 crore a year ago same period. NIM for 9MFY19 stood at 3.43%.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.