Axis Bank shrugs off weak Q4 numbers, rises on strong volumes

30 April, 2018, 03:46 | Author: Gladys Mathis
  • YES Bank share price rallies 11% intraday as Q4 profit beats estimates

Announcing the results, CFO, Jairam Sridharan said that following the NPA recognition during the quarter, the BB-rated portion of the bank's loan book has shrunk to 1.8 percent from 7.3 percent earlier.

Although the quarterly loss is the highest for a private bank, public sector banks have reported larger losses. This was largely due to muted interest income in Q4FY18 at Rs. 11,771 crore and Rs. 11,168 crore in Q4FY17.

In absolute value, the gross NPAs were Rs 373.14 crore, compared with Rs 86.26 crore.

For the full year, net profit rose 42.38% to Rs 635.09 crore in the year ended March 2018 as against Rs 446.05 crore during the previous year ended March 2017.

The bank registered a 37.4 per cent growth in advances and 45.8 per cent spike in deposits. Most of the corporate slippages, nearly 90 per cent came from the BB book particularly the power sector The watch list is now closed and in Q4 it is (just) Rs 428 crore...

Provisions climbed to Rs 7180 crore ($1.1 billion) in the three months ended March from Rs 2810 crore the previous quarter as an additional Rs 16500 crore of fresh defaults were identified after the implementation of tighter regulations, the bank said in an exchange filing late Thursday. Net NPAs increased to 0.58 per cent (Rs 172.90 crore) of net advances by the end of March 2018, versus 0.36 per cent (Rs 61.17 crore).

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"With this accelerated recognition, we believe the NPA recognition phase of this credit cycle is now almost complete and the focus shifts to resolution", she said. Total income during the fiscal rose to Rs 5,508.48 crore (Rs 4,320.12 crore).

Total assets of the private-sector lender grew by 45.3 per cent to Rs 3.12 lakh crore as of March 31, 2018, while its deposits grew by 40.5 per cent to Rs 2.01 lakh crore.

It was successful to increase its provision coverage ratio by 5 percentage points in a single quarter to 58 and exuded confidence of breaching the 60-percent mark in the next six months.

"We cut estimates owing to lower net interest margin and lower loan base and higher credit costs as the balance of stress is recognised as non-performing loans", Jefferies analysts Nilanjan Karfa and Harshit Toshniwal said.

"The year 2017-18 has been a watershed year for the bank". Axis Bank's CEO is set to step down at the end of 2018, more than two years before the term ends, after the regulator question the lender's performance.

According to reports, the RBI may have been upset with the wide divergence in asset quality reporting by Axis Bank, spiralling bad loans, violations of know-your-customer norms during demonetisation. The stock ended at Rs 539 on BSE, up 8.98 per cent.

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