The Telegraph
Saturday , April 26 , 2014
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Axis fares well, splits stock

Mumbai, April 25: Axis Bank has posted an 18.47 per cent rise in net profit for the fourth quarter ended March 31 at Rs 1,842.32 crore compared with Rs 1,555.15 crore in the same period last fiscal.

The bank’s board of directors today also approved a stock split under which equity shares of Rs 10 each would be split into five shares of Rs 2 each.

The move is expected to improve the stock’s liquidity and make it more affordable to retail investors.

Total income increased to Rs 10,178.63 crore during the quarter from Rs 9,054.72 crore in the year-ago fiscal.

The country’s third-largest private sector lender saw its advances rise 17 per cent to Rs 2,30,067 crore. Domestic retail advances grew 31 per cent over the year-ago period to Rs 70,745 crore and accounted for 36 per cent of net domestic advances against 32 per cent last year.

Net interest income (NII) increased 19 per cent to Rs 3,166 crore from Rs 2,665 crore in the same period last year.

Net interest margin (NIM) — a key measure of profitability — rose nearly 19 basis points to 3.89 per cent from 3.70 per cent in the year-ago period.

Axis Bank added that during the quarter, both other income and fee income grew 10 per cent and stood at Rs 2,213 crores and Rs 1,780 crore, respectively.

Gross non-performing assets (NPA) were higher at Rs 3,146 crore against Rs 3,008 crore in the preceding quarter. Recoveries and upgrades stood at Rs 149 crore and write-offs at Rs 14 crore.

Gross NPAs as a percentage of gross assets rose to 1.22 per cent from 1.06 per cent in the corresponding year-ago period. Net NPA was 0.40 per cent against 0.32 per cent.

For the financial year ended March, net profit grew 20.05 per cent to Rs 6,217.67 crore from Rs 5,179.43 crore in 2012-13.

Total income increased to Rs 38,046.38 crore from Rs 33,733.68 crore in the previous fiscal.