Axis Bank drops after reporting weak Q4 results

Axis Bank dropped 3.09% to Rs 465.60 at 9:30 IST on BSE after the bank's net profit fell 1.2% to Rs 2154.28 crore on 9.75% rise in total income to Rs 13592.97 crore in Q4 March 2016 over Q4 March 2015.

The announcement was made after market hours yesterday, 26 April 2016.

Meanwhile, the S&P BSE Sensex was up 8.53 points or 0.03% at 26,015.83.

On BSE, so far 1.06 lakh shares were traded in the counter as against average daily volume of 12.97 lakh shares in the past one quarter. The stock hit a high of Rs 486.75 and a low of Rs 458 so far during the day.

The large-cap bank has equity capital of Rs 476.95 crore. Face value per share is Rs 2.

Axis Bank's gross non-performing assets (NPAs) stood at Rs 6087.51 crore as on 31 March 2016 as against Rs 5724.05 crore as on 31 December 2015 and Rs 4110.19 crore as on 31 March 2015. The ratio of gross NPAs to gross advances stood at 1.67% as on 31 March 2016 as against 1.68% as on 31 December 2015 and 1.34% as on 31 March 2015. The ratio of net NPAs to net advances stood at 0.7% as on 31 March 2016 as against 0.75% as on 31 December 2015 and 0.44% as on 31 March 2015. The bank's provisions and contingencies jumped 64.59% to Rs 1168.33 crore in Q4 March 2016 over Q4 March 2015. The bank expects bad loans to rise in the current financial year ending 31 March 2017 (FY 2017) and credit costs to be sharply higher.

AXIS Bank has recommended payment of dividend of Rs 5 per share for the year ended 31 March 2016 (FY 2016).

Axis Bank is one of the biggest private sector banks in India.

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