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Axis Bank gains after strong Q2 results

Capital Market 

Axis Bank rose 2.24% to Rs 623.60 at 9:17 IST on BSE after net profit rose 82.62% to Rs 789.61 crore on 15.5% rise in total income to Rs 15959.37 crore in Q2 September 2018 over Q2 September 2017.

The result was announced after market hours on Friday, 2 November 2018.

Meanwhile, the S&P BSE Sensex was down 74.52 points, or 0.21% to 34,937.13.

On the BSE, 86,000 shares were traded in the counter so far compared with average daily volumes of 17.76 lakh shares in the past two weeks. The stock had hit a high of Rs 632.90 and a low of Rs 622 so far during the day. The stock hit a 52-week high of Rs 676.90 on 10 September 2018. The stock hit a 52-week low of Rs 477.50 on 4 April 2018.

The bank's gross non-performing assets (NPAs) stood at Rs 30,938.33 crore as on 30 September 2018 as against Rs 32,662.40 crore as on 30 June 2018 and Rs 27,402.32 crore as on 30 September 2017.

The ratio of gross NPAs to gross advances stood at 5.96% as on 30 September 2018 as against 6.52% as on 30 June 2018 and 5.90% as on 30 September 2017.

The ratio of net NPAs to net advances stood at 2.54% as on 30 September 2018 as against 3.09% as on 30 June 2018 and 3.12% as on 30 September 2017.

The bank's provisions and contingencies fell 6.78% to Rs 2927.38 crore in Q2 September 2018 over Q2 September 2017.

As on 30th September 2018, the bank's provision coverage, as a proportion of gross NPAs including prudential write-offs, stood at 73% up from 69% in Q1 June 2018.

Separately, Axis Bank announced that its board approved the appointment of Amitabh Chaudhry, as managing director-designate in executive position of the bank, with effect from 19 November 2018 upto 31 December 2018 (both days inclusive). This will facilitate smooth transition and familiarize Amitabh Chaudhry with the business and operations of the bank, before he assumes charge as the managing director & CEO of the bank, with effect from 1 January 2019, as approved by RBI.

As on 30 September 2018, Axis Bank had a network of 3,882 domestic branches, extension counters and RACs situated in 2,269 centres compared to 3,485 domestic branches, extension counters and RACs situated in 2,033 centres last year. As on 30 September 2018, the bank had 12,660 ATMs and 3,280 cash recyclers spread across the country.

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

First Published: Mon, November 05 2018. 09:17 IST
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