You are here: Home » News-CM » Equities » Hot Pursuit
Business Standard

Axis Bank gains after Q2 results

Capital Market 

Shares of Axis Bank rose 0.74% to Rs 718 after the bank reported a net loss of Rs 112.08 crore in Q2 September 2019 compared with a net profit of Rs 789.61 crore in Q2 September 2018.

The bank's total income rose 21.14% to Rs 19,333.57 crore in Q2 September 2019 over Q2 September 2018. The result was announced after market hours yesterday, 22 October 2019.

The bank's gross non-performing assets (NPAs) stood at Rs 29,071.39 crore as on 30 September 2019 as against Rs 29,404.90 crore as on 30 June 2019 and Rs 30,938.33 crore as on 30 September 2018.

The ratio of gross NPAs to gross advances stood at 5.03% as on 30 September 2019 as against 5.25% as on 30 June 2019 and 5.96% as on 30 September 2018.

The ratio of net NPAs to net advances stood at 1.99% as on 30 September 2019 as against 2.04% as on 30 June 2019 and 2.54% as on 30 September 2018.

The bank's provisions and contingencies rose 20.18% to Rs 3,518.39 crore in Q2 September 2019 over September 2018.

Provision coverage ratio of the bank was at around 79% as on 30 September 2019 as against 78% as on 30 June 2019 and 73% as on 30 September 2018.

Net Interest Income (NII) grew 17% to Rs 6,102 crore during Q2 September 2019 from Rs 5,232 crore in Q2 September 2018. Net Interest Margin (NIM) for the quarter stood at 3.51%. The bank's operating profit for the quarter grew 45% YoY to Rs 5,952 crore from Rs 4,094 crore in Q2 September 2018.

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

During the quarter, the bank raised equity capital of Rs 12,500 crore through a Qualified Institutional Placement to enhance its capital adequacy position and support its future growth plans.

Meanwhile, the S&P BSE Sensex was down 50 points or 0.13% to 38,913.94.

On the BSE, 1.75 lakh shares were traded in the counter so far compared with average daily volumes of 2.94 lakh shares in the past two weeks. The stock hit an intraday high of Rs 730 and an intraday low of Rs 713.10 so far during the day.

The stock hit a 52-week high of Rs 826.55 on 6 June 2019. The stock hit a 52-week low of Rs 534.15 on 26 October 2018.

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.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, October 23 2019. 11:01 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU