Axis Bank lost 6.64% to Rs 479.10 at 09:45 IST on BSE as the bank's bad loans rose sequentially and annually in Q2 September 2017.
Meanwhile, the S&P BSE Sensex was down 82.06 points or 0.25% at 32,527.10
On the BSE, 8.18 lakh shares were traded on the counter so far as against the average daily volumes of 5.45 lakh shares in the past one quarter. The stock had hit a high of Rs 490 and a low of Rs 475 so far during the day. The stock had hit a 52-week high of Rs 547 on 25 July 2017 and a 52-week low of Rs 424.60 on 10 January 2017.
The large-cap bank has equity capital of Rs 479.55 crore. Face value per share is Rs 2.
Axis Bank's net profit rose 35.5% to Rs 432.38 crore on 0.9% increase in total income to Rs 13820.62 crore in Q2 September 2017 over Q2 September 2016. The result was announced after trading hours yesterday, 17 October 2017.
The bank's gross non-performing assets (NPAs) rose to Rs 27402.32 crore as on 30 September 2017 from Rs 22030.87 crore as on 30 June 2017 and Rs 16378.65 crore as on 30 September 2016. The ratio of gross NPAs to gross advances rose to 5.9% as on 30 September 2017 from 5.03% as on 30 June 2017 and 4.17% as on 30 September 2016. The ratio of net NPAs to net advances rose to 3.12% as on 30 September 2017 from 2.3% as on 30 June 2017 and 2.02% as on 30 September 2016.
The bank's provisions and contingencies fell 13.3% to Rs 3140.41 crore in Q2 September 2017 over Q2 September 2016.
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The bank's Net Interest Income (NII) grew by 1% to Rs 4540 crore in Q2 September 2017 over Q2 September 2016. Net interest margin stood at 3.45% in Q2 September 2017.
Meanwhile, Axis Bank said that after review the bank has decided to keep the marginal cost of funds based lending rates of the bank unchanged with effect from 18 October 2017. The announcement was made after trading hours yesterday, 17 October 2017.
Axis Bank's marginal cost of funds based lending rate (MCLR) for overnight loans will be 7.8%, the rate for one month will be 7.8% and for three months it will be 8%. The MCLR on 6-month loans will be 8.15% and for one-year loans the rate will be 8.25%, the bank said. MCLR on two-year loans will be 8.3% and for three-year loans the rate will be 8.35%.
Axis Bank is one of the biggest private sector banks in India. As on 30 September 2017, the bank had a network of 3,485 domestic branches and extension counters situated in 2,033 centres. As on 30 June 2017, the bank had 14,332 ATMs and 1,533 cash recyclers spread across the country.
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