Despite losses in Q4, Axis Bank shares gain value

30 April, 2018, 03:45 | Author: Manuel Hopkins
  • Yes Bank

Total income in the January-March period of 2017-18 increased to Rs 1,553.97 crore, up 29 per cent, from Rs 1,207.77 crore in the same quarter of 2016-17. The bank had however registered a net profit of Rs 1,225.10 crore in the same quarter of 2016-17. Total Capital Adequacy Ratio & Tier I vehicle stood at 16.57% and 13.04%, respectively.

The bank has an exposure of Rs 440 crore to the Anil Ambani group's Reliance Naval, whose auditors yesterday had raised concerns on the viability of its business as a "going concern", Kapoor said, stressing that it has adequate securities in the account.

On the asset front, there was an uptick in bad loans with gross non-performing assets (NPAs) rising to 1.25 per cent of gross advances as on March 31, 2018 against 0.51 per cent during the same period last fiscal. "Infra play did not work out well, and now it is critical that we complete the NPA recognition cycle".

"We will continue to grow our loan book at 30-35 per cent in this fiscal as well", managing director and chief executive Vishwavir Ahuja told reporters here.

After making mandatory appropriations to Statutory Reserve, Investment Reserve and Capital Reserve, no profits are available for distribution as dividend for the financial year ended 31 March 2018, the bank said while announcing its results.

Slippages for Q4FY18 stood at Rs 16,536 crore (Rs 13,938 crore from corporate lending).

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

Speaking about how FY19 will play out, Sridharan said, "The new NPA formation will reduce significantly".

Speaking to the media for the first time after announcing her decision to step down, Sharma also said that for the last nine years, Axis Bank has continued to build on its strength in deposit mobilization and grown market share in deposits from 2.9% in FY09 to 3.7% as of December-end. Credit cost will normalise.

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. For the full year 2017-18, the bank's net profit fell by 92.5% to Rs 275 crore as against a profit of Rs 3,678 crore a year ago. The stock ended at Rs 539 on BSE, up 8.98 per cent.

This is the highest quarterly loss by a private lender and the first for Axis Bank since its listing in 1998.

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