Axis Bank's net profit decline to Rs 319 crores; gross NPA rise by 71%
On quarter-on-quarter basis, the net profit declined by 52% to Rs 1875 crore.
India's third largest private sector bank, Axis Bank on Tuesday reported a drop of 83.3% in its net profit for the quarter ended on September 30. The company posted a net profit of Rs 319.08 crore during the second quarter of the current fiscal as compared to Rs 1915.64 crore, during the same period last year.
On quarter-on-quarter basis, the net profit declined by 52% to Rs 1875 crore.
In a regulatory filing, the bank said that it has posted an increase of 14% in total income from Rs 12001 crore in Q2FY16 to Rs 13698.7 crore in Q2FY17.
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The Bank’s Gross Non-Performing assets was Rs 16,379 crores in Q2FY17 as against Rs 9,553 crores as on 30th June 2016, which is an increase of 71.4% in Gross NPA on quarterly basis.
During the quarter, the bank added Rs 8,772 crores to Gross NPAs, and Recoveries and upgrades were Rs 1,073 crores and write-offs during the quarter were Rs 873 crores.
As on 30th September 2016, the bank’s Gross NPA and Net NPA levels were 4.17% and 2.02% respectively, as against 2.54% and 1.08% respectively as on 30th June 2016.
"CASA Deposits as on Q2FY17 constituted 45% of total deposits. Savings Account balances grew at a strong 20% YOY, up from the 12% YOY growth reported for the period ended 30th September 2015. CASA, on a daily average basis, recorded a growth of 18%, in which both Savings Bank Deposits and Current Account Deposits recorded a growth of 18% YOY. The proportion of CASA on a daily average basis remained at the same level as the previous quarter and constituted 41% of total deposits", the bank said in the filing.
The Bank’s Net Interest Income (NII) grew by 11% YOY to Rs 4,514 crores during Q2FY17 from Rs 4,062 crores in Q2FY16. Net interest margin for Q2FY17 stood at 3.64%. NII for H1FY17 also rose 11% YOY to Rs 9,031 crores from Rs 8,118 crores during H1FY16.
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