Axis Bank Ltd Q2FY18
Standalone Results Q2FY18: (Rs. in crore)
|Net Profit (adjusted)||432||35|
NII for the quarter remained flat at Rs.4539 crore vs Rs.4513 crore in previous year corresponding quarter. This was largely due to muted interest income growth to Rs.11235 crore vs Rs.11159 crore in Q2FY18.
Asset quality of the bank deteriorated further as GNPA’s for the quarter rose by almost 67% yoy to Rs.27402 crore. As percentage to total advances GNPA’s for the quarter rose by 173 bps to 5.9% vs 4.17% in Q2FY17. While, Net NPA’s also increased by 110 bps to 3.12% vs 2.02% in Q2FY17.
Further, provisions for the quarter declined by 13.3% yoy to Rs.3140 crore in Q2FY18 vs Rs.3622 crore in Q2FY17. Net profit for the quarter rose by 35% yoy to Rs.432 crore vs Rs.318 crore in Q2FY17.
Advances and deposits rose 16% & 10% yoy respectively to Rs.410170 crore & Rs.416430 crore in Q2FY18. Also, capital adequacy ratio for the quarter stood at 15.97% vs 14.7% in Q2FY17.
Also, bank reported Rs.5632 crore & Rs.4317 crore as divergence in GNPA’s & NNPA’s as of FY17 .Also, divergence in provisions came to Rs.1315 crore. After adjusting the divergence in provisions net profit for FY17 came to Rs.2793 crore against Rs.3679 crore reported by the bank.Also, Bank reported gross slippages of Rs.8936 crore for the quarter
On sequential basis Bank’s provisions rose by 34% qoq and this led to 67% qoq decline in bottom-line
Axis Bank Ltd ended at Rs. 513.20, down by 7.5 points or 1.44% from its previous closing of Rs. 520.70 on the BSE.
The scrip opened at Rs. 527 and touched a high and low of Rs. 527 and Rs. 511 respectively. A total of 1,00,36,497(NSE+BSE) shares were traded on the counter. The stock traded below its 100 DMA.
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