Axis Bank declined 1.72% to Rs 508.40 at 9:40 IST on BSE after net profit dropped 43.13% to Rs 1225.10 crore on 4.33% rise in total income to Rs 14181.31 crore in Q4 March 2017 over Q4 March 2016.
The result was announced after market hours yesterday, 26 April 2017.Meanwhile, the S&P BSE Sensex was down 29.63 points or 0.1% at 30,103.72.
On the BSE, 5.08 lakh shares were traded on the counter so far as against the average daily volumes of 9.17 lakh shares in the past one quarter. The stock had hit a high of Rs 525 and a low of Rs 503.60 so far during the day.
The stock had hit a 52-week high of Rs 638 on 7 September 2016 and a 52-week low of Rs 424.60 on 10 January 2017. The stock had outperformed the market over the past one month till 26 April 2017, rising 5.74% compared with the Sensex's 2.42% rise. The scrip had also outperformed the market over the past one quarter, gaining 11.56% as against the Sensex's 8.75% rise.
The large-cap bank has equity capital of Rs 479.15 crore. Face value per share is Rs 2.
Axis Bank's gross non-performing assets (NPAs) stood at Rs 21280.48 crore as on 31 March 2017 as against Rs 20466.82 crore as on 30 December 2016 and Rs 6087.51 crore as on 31 March 2016.
The ratio of gross NPAs to gross advances stood at 5.04% as on 31 March 2017 as against 5.22% as on 31 December 2016 and 1.67% as on 31 March 2016. The ratio of net NPAs to net advances stood at 2.11% as on 31 March 2017 as against 2.18% as on 31 December 2016 and 0.7% as on 31 March 2016.
The bank's provisions and contingencies (excluding tax provisions) rose 120.93% to Rs 2581.25 crore in Q4 March 2017 over Q4 March 2016.
During the quarter, an account with loan outstanding of Rs 1660 crore in the cement and cement products space was downgraded, which was part of watch list. Upon successful regularization during the same quarter, this particular account was subsequently upgraded.
Thus gross slippage and upgradation numbers for the quarter are both influenced by the similar amount. The company has made a provision of 25% against the loan outstandings on this account at the end of the quarter.
The bank's net interest income (NII) grew 4% to Rs 4729 crore in Q4 March 2017 over Q4 March 2016. Net interest margin for Q4 March 2017 stood at 3.83%.
The board of directors have recommended dividend of Rs 5 per equity share of face value of Rs 2 per equity share for the year ended 31 March 2017,
Axis Bank is one of the biggest private sector banks in India.
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