Axis Bank net profit rises 21.76% in Q4

PAT for FY’13 jumps by 22%.

Written by ENS Economic Bureau | Mumbai | Published: April 25, 2013 1:43 am

PAT for FY’13 jumps by 22%.

Aided by higher non-interest income,rise in interest income and better margin,Axis Bank,the third largest private sector bank in the country,has posted 21.76 per cent rise in its net profit to Rs 1,555 crore for the quarter ended March 2013 as against Rs 1,277 crore in the same period of last year.

The bank’s profit after tax (PAT) for FY’13 also increased by 22 per cent to Rs 5,179 crore. Net interest income (NII),or the difference between interest income and interest expense,was at Rs 2,665 crore during the quarter compared to Rs 2,146 crore in the corresponding period of previous year. Net interest margin (NIM) improved 13 basis points sequentially to 3.7 per cent.

Other income increased by 26 per cent to Rs 2,007 crore year-on-year driven by higher fee income and growth in trading income. As of March 2013,gross NPAs and net NPAs stood at 1.06 per cent and 0.32 per cent as against 1.10 per cent and 0.33 per cent,respectively,as on December 31,2012. The bank held a provision coverage of 79 per cent as on March 31,2013 (as a proportion of gross NPAs including prudential write-offs). The provision coverage (as a proportion of gross NPAs before accumulated write-offs) was 89 per cent. The bank restructured assets aggregating Rs 791 crore during Q4 FY’13. The cumulative value of assets restructured till March 2013 stood at Rs 4,368 crore constituting 1.94 per cent of gross customer assets.

Advances rose 16 per cent year-on-year to Rs 1,96,966 crore driven by 44 per cent growth in retail loans. Deposits were at Rs 252,614 crore with retail term deposits constituting 68 per cent of the bank’s total deposits. The main business segments driving fee growth during the quarter were treasury and debt capital markets,which grew 41 per cent year-on-year,followed by retail banking,which grew 32 per cent.

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