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Business News » Companies News

Axis Bank's Q4 net profit jumps by 111% to Rs 1225 crore

For the full financial year, the bank registered a net profit of Rs 3679 crore, a decline of 55% on y-o-y basis. 

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Axis Bank's Q4 net profit jumps by 111% to Rs 1225 crore
For the full financial year, the bank registered a net profit of Rs 3679 crore, a decline of 55% on y-o-y basis. Photo: IANS
Written By: ZeeBiz WebTeam
Updated: Wed, Apr 26, 2017
05:48 pm
Mumbai, ZeeBiz WebDesk
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Axis Bank on Wednesday announced its financial result for the quarter ended on March 31. The bank reported a net profit of Rs 1,225 crore, a jump of 111% as against Rs 579.6 crore in the previous quarter. On year-on-year basis the bank's net profit contracted by 43%.

For the full financial year, the bank registered a net profit of Rs 3679 crore, a decline of 55% on y-o-y basis. 

The bank’s Gross NPA and Net NPA stood at 5.04% and 2.11%, respectively in Q4FY17 down from 5.22% and 2.18% in Q3FY17.

As on 31st March 2017, the Bank’s Gross NPA was Rs 21,280 crores against Rs 20,467 crores as on 31st December 2016. During the quarter, additions to Gross NPA were Rs 4,811crores, recoveries and upgrades were Rs 2,804 crores while write-offs during the quarter were `1,194 crores. The Bank’s Net NPA was Rs 8,627 crores against Rs 8,295 crores as on 31st December 2016.

ALSO READ: Here's what analysts expect Axis Bank's Q4 result will look like

The Bank’s Net Interest Income (NII) grew 4% YOY to Rs 4,729 crores during Q4FY17 from Rs 4,553 crores in Q4FY16. Net interest margin for Q4FY17 stood at 3.83%. NII for FY17 too rose 7% YOY to Rs 18,093 crores from Rs 16,833 crores in FY16.

"CASA Deposits grew 26% YOY and 21% QOQ, and constituted 51% of total deposits as at end of 31st March 2017. Savings Account balances grew 19% YOY and 7% QOQ while the Current Account Deposits grew 37% YOY and 49% QOQ for the period ended 31st March 2017," the bank said in a regulatory filing.

Giving the outlook for the result, Motilal Oswal in its reseach report, said that, "Led significant NPA addition, FCNR redemption, and increased risk aversion, we expect Axis Bank to report mid-to-high single-digit loan growth. Overall deposit growth would be moderate (8% YoY) owing to partial redemption of CASA deposits accumulated post demonetisation and large-scale FCNR deposits redeemed in Q3.

Maintaining "Neutral" stance, the research report mentioned that the yield on loans would remain under pressure following MCLR cuts/ aggressive competition in refinance market.

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TAGS:
Axis BankAxis bank Q4Banking & Financial sectorAxis Bank Q4 resultAxis Bank bad loansAxis Bank CASAAxis Bank share priceAxis Bank outlookAxis Bank NII
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