Axis Bank gains over 3% in two sessions

Axis Bank rose 1.83% to Rs 1,115 at 10:49 IST on BSE, extending Thursday's 1.26% rise triggered by the bank reporting strong Q2 September 2013 results.

The bank declared Q2 result during market hours on Thursday, 17 October 2013. The stock rose 1.26% to Rs 1,094.95 on that day. The stock has risen 3.11% in two trading sessions from Rs 1,081.35 on 15 October 2013. Indian financial markets were closed on Wednesday, 16 October 2013, on account of Bakri Id.

Meanwhile, the BSE Sensex was up 263.46 points, or 1.29%, to 20,678.97.

On BSE, 1.59 lakh shares were traded in the counter compared with average volume of 5.06 lakh shares in the past one quarter.

The stock hit a high of Rs 1,118 and a low of Rs 1,091 so far during the day. The stock hit a 52-week low of Rs 764 on 4 September 2013. The stock hit a 52-week high of Rs 1,549 on 20 May 2013.

The stock had outperformed the market over the past one month till 17 October 2013, rising 4.01% compared with the Sensex's 3.09% rise. The scrip had, however, underperformed the market in past one quarter, falling 8.20% as against Sensex's 2.34% rise.

The large-cap company has an equity capital of Rs 469.19 crore. Face value per share is Rs 10.

Axis Bank's net profit rose 21.25% to Rs 1362.31 crore on 13.22% growth in total income to Rs 9375.08 crore in Q2 September 2013 over Q2 September 2012.

The bank's other income, which includes fee income and other related sources of revenue, rose 10.86% to Rs 1766.09 crore in Q2 September 2013 over Q2 September 2012. Axis Bank said that other income for Q2 September 2013 includes gain of Rs 281.62 crore on repatriation of accumulated profits of overseas operations and a loss of Rs 114.25 crore on transfer of government securities with book value of Rs 7566.36 crore from Available for Sale category to Held to Maturity category at a value of Rs 7452.11 crore in accordance with the Reserve Bank of India (RBI) guidelines.

Axis Bank's provisions and contingencies jumped 34.95% to Rs 687.49 crore in Q2 September 2013 over Q2 September 2012. Provisions and contingencies dropped 3.47% in Q2 September 2013 over Q1 June 2013.

Axis Bank's gross non-performing assets (NPA) stood at Rs 2734.47 crore as on 30 September 2013, higher than Rs 2489.68 crore as on 30 June 2013 and Rs 2191.01 crore as on 30 September 2012. The ratio of gross NPA to gross advances stood at 1.19% as on 30 September 2013, higher than 1.1% each as on 30 June 2013 and as on 30 September 2012. The ratio of net NPA to net advances stood at 0.37% as on 30 September 2013, higher than 0.35% as on 30 June 2013 and 0.33% as on 30 September 2012.

The bank's Capital Adequacy Ratio (CAR) as per Basel III norms stood at 15.85% as on 30 September 2013, compared with 15.87% as on 30 June 2013.

Axis Bank is the third largest private sector bank in India. With its 2,021 domestic branches (including extension counters) and 11,488 ATMs across the country, as on 30 June 2013, the network of Axis Bank spreads across 1,300 cities and towns. The bank also has overseas offices in UK, Singapore, Hong Kong, Shanghai, Colombo, Dubai and Abu Dhabi.

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