Axis Bank, India's third-largest private sector lender, today said its fourth quarter net profit fell 1.2 percent, ahead of a CNBC-TV18 poll that had forecast profits to fall 7 percent to Rs 2,028 crore.
Net interest income rose 19.8 percent to Rs 4552.6 crore, compared to poll estimates of Rs 4,296 crore.
The company's asset quality held steady, with the gross non performing asset (GNPA) and net NPAs coming at 1.67 percent (versus 1.68 percent) and 0.7 percent (vs 0.75 percent).
Provisions jumped 64 percent year-on-year, to Rs 1,168.3 crore, likely because of the Reserve Bank of India's asset quality review (AQR) initiative.
The bank's net interest margins went up from 3.79 percent in Q3 to 3.97 percent in Q4. Axis posted deposit growth of 11 percent quarter-on-quarter to Rs 3.58 lakh crore, while advances grew 20.5 percent to Rs 3.38 lakh crore.
Retail loan growth stood at 24 percent YoY while corporate loan growth was at 22 percent. The bank's fresh slippages stood at Rs 1,474 crore, recoveries were Rs 780 crore while write-offs stood at Rs 330 crore. It sold NPAs to asset reconstruction companies for Rs 349 crore.
In an interview with CNBC-TV18, Mayuresh Joshi, Fund Manager (PMS), Angel Broking and Ravikant Bhat, Research Analyst, IDBI Capital, discussed the bank's earnings.
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