Axis Bank Ltd Q3FY13 Result First Cut
Rajesh Desai
Dear Sir/Madam,
Axis Bank Ltd has announced its Q3FY13 result on 15th January 2013.
The bank’s total income increased by 4.85% QoQ and 15.13% YoY to INR4110.18 crores, driven by 16.56% and 12.98% YoY growth in its Net Interest Income (NII) and Other Income respectively. Whereas, Profit After Tax (PAT) increased by 19.91% QoQ and 22.22% YoY to INR1347.22 crores. Bank has reduced its provision by 24.06% QoQ and 8.41% YoY to INR386.83 crores, which has boosted bank’s bottom line.
During the quarter,. Bank's loans book and total deposits expanded by 20.68% and 17.16% YoY to INR179504.19 and INR244501.41 crores respectively. On the assets quality front, the bank has maintained its assets quality despite challenging environment. Bank’s GNPA and NNPA remained flat to 1.10% and 0.33% respectively. Moreover, bank is well capitalized to support its growth trajectory, Capital Adequacy Ratio (CAR) improved by 74bps QoQ and 195bps YoY to 13.73%. On the margin front, Net Interest Margin (NIM) improved by 11bps QoQ and decreased by 18bps YoY to 3.57%. Moreover, bank is in well position to tame may time liabilities with 81% of its Provision Coverage Ratio (PCR). CASA ratio stood at 40%.
Q3’13 (INR Crores) |
Consensus |
Actual |
Variance % |
Total Income | 4156.8 |
4110.18 |
-1.12% |
|
PAT |
1272.7 |
1347.22 |
5.86% |
|
Axis Bank Quarterly-[INR-Crores] |
|
| |||
DESCRIPTION |
Q3'13 |
Q2'13 |
Q3'12 |
QoQ% |
YoY% |
Interest Earned |
6964.93 |
6687.23 |
5776.96 |
4.15 |
20.56 |
|
Interest Expended |
4470.12 |
4360.30 |
3636.66 |
2.52 |
22.92 |
|
NII |
2494.81 |
2326.93 |
2140.30 |
7.21 |
16.56 |
|
Other Income |
1615.37 |
1593.06 |
1429.81 |
1.40 |
12.98 |
|
Total Income |
4110.18 |
3919.99 |
3570.11 |
4.85 |
15.13 |
|
Operating Expenses |
1748.67 |
1741.73 |
1510.91 |
0.40 |
15.74 |
|
Operating Profit before Prov.& Cont. |
2361.51 |
2178.26 |
2059.20 |
8.41 |
14.68 |
|
Provisions and Contingencies |
386.83 |
509.42 |
422.33 |
-24.06 |
-8.41 |
|
PBT |
1974.68 |
1668.84 |
1636.87 |
18.33 |
20.64 |
|
Tax |
627.46 |
545.30 |
534.60 |
15.07 |
17.37 |
|
Profit After Tax |
1347.22 |
1123.54 |
1102.27 |
19.91 |
22.22 |
|
Basic Calculated EPS |
31.56 |
27.11 |
26.73 |
16.41 |
18.07 |
|
Advances |
179504.19 |
172131.57 |
148739.16 |
4.28 |
20.68 |
|
Deposits |
244501.41 |
235619.09 |
208693.03 |
3.77 |
17.16 |
|
|
Q3'13 |
Q2'13 |
Q3'12 |
QoQ (bps) |
YoY(bps) |
Capital Adequacy Ratio Basel II |
13.73% |
12.99% |
11.78% |
74 |
195 |
|
% of Net NPAs |
0.33% |
0.33% |
0.39% |
0 |
-6 |
|
% of Gross NPAs |
1.10% |
1.10% |
1.10% |
0 |
0 |
|
CASA% |
40.00% |
41.00% |
42.00% |
-100 |
-200 |
|
NIM % |
3.57% |
3.46% |
3.75% |
11 |
-18 |
|
Provisions Coverage% |
81.00% |
80.00% |
75.28% |
100 |
572 |
|
C/D ratio |
73.42% |
73.06% |
71.27% |
36 |
215 |
|
C/I Ratio |
42.54% |
44.43% |
42.32% |
-189 |
22 |
|
OI/TI |
57.46% |
55.57% |
57.68% |
189 |
-22 |
Regards,
Team Microsec Research
Microsec Capital Limited
Tel: 91 33 30512100
Fax: 91 33 30512020
--
CA. Rajesh Desai