Axis Bank rises after Q3 outcome

Axis Bank gained 2.73% to Rs 732.2 after standalone net profit rose 4.53% to Rs 1,757 crore on a 7.52% rise in total income to Rs 19,494.87 crore in Q3 December 2019 over Q3 December 2018.

Tax expense fell 34.78% to Rs 514.77 crore in Q3 December 2019 as against Rs 789.29 crore paid in Q3 December 2018. The Q3 earning was released after market hours yesterday, 22 January 2020.

Loan book grew by almost Rs 28,500 crore quarter on quarter (QoQ). Retail loan book grew 25% year-on-year (YoY), domestic corporate book grew 16% YoY.

The bank's gross non-performing assets (NPAs) stood at Rs 30,073.02 crore as on 31 December 2019 as against Rs 29,071.39 crore as on 30 September 2019 and Rs 30,854.67 crore as on 31 December 2018.

The ratio of gross NPAs to gross advances stood at 5% as on 31 December 2019 as against 5.03% as on 30 September 2019 and 5.75% as on 31 December 2018.

The ratio of net NPAs to net advances stood at 2.09% as on 31 December 2019 as against 1.99% as on 30 September 2019 and 2.36% as on 31 December 2018.

The bank's provisions and contingencies (excluding tax provisions) jumped 13.63% to Rs 3,470.92 crore in Q3 December 2019 over Q3 December 2018.

Provision coverage ratio of the bank was at 78% as on 31 December 2019.

Net Interest Income (NII) grew 15% to Rs 6,453 crore during Q3 December 2019 from Rs 5,604 crore in Q3 December 2018. Net Interest Margin (NIM) for the quarter stood at 3.57%. The bank's operating profit for the quarter rose 3.94% to Rs 5,742.69 crore in Q3 December 2019 from Rs 5,524.65 crore in Q3 December 2018.

Current Account and Savings Account (CASA) and Retail Term Deposits together were up by 21% on Quarterly Average Balance (QAB) basis this quarter as against the corresponding quarter last year.

Axis Bank provides a suite of corporate and retail banking products. The bank's segments include treasury, retail banking, corporate/wholesale banking and other banking business.

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