Axis Bank Q4 net up 19% at Rs1,842 cr; board approves stock split
25 Apr 2014
Private sector lender Axis Bank has reported an 18.5 per cent year-on-year increase in its fiscal fourth quarter (January-March) net profit to Rs1,842 crore helped by higher other income and net interest income. (Other income includes fee income, commission, gains from securities' transactions etc)
Net interest income of the bank during the quarter jumped 18.8 per cent to Rs3,165 crore while non-interest income climbed 10.3 per cent to Rs2,213 crore year-on-year.
Net interest margin increased sequentially to 3.89 per cent in the January-March 2013-14 quarter from 3.71 per cent during the year-ago quarter.
Asset quality improved sequentially. Gross non-performing assets (NPA) declined marginally (up 16 basis points year-on-year) to 1.22 per cent while net NPA stood at 0.40 per cent down marginally from 0.42 percent in the previous quarter.
Gross NPA in absolute terms stood at Rs3,146.4 crore in the March 2014 quarter, up 4.6 per cent compared to previous quarter and 31.5 per cent in the year-ago quarter. Net NPA rose 2 per cent quarter-over-quarter and 45.5 per cent on yearly basis to Rs1,024.6 crore in the quarter.
Provisions and contingencies were Rs505.2 crore in the quarter ended March 2014 against Rs202.5 crore in previous quarter and Rs595.4 crore in corresponding quarter of the previous fiscal.
Capital adequacy ratio (as per Basel-III norms) improved to 16.07 per cent in the fourth quarter from 15.50 per cent in third quarter FY14.
The board of directors has declared a dividend of Rs20 per share and also approved the sub-division of one equity share of the bank having a face value of Rs10 each into five equity shares of face value Rs2 each.
.webp)
