Axis Bank Ltd., a private bank offering both retail and corporate banking services, reported higher stand-alone net profit for the fourth-quarter on increased net interest income, fees and operating revenues and with a lower growth in operating expenses.
For the fourth quarter ended March 31, 2013, the Ahmedabad-based bank's net profit was Rs.1,555.15 crore, higher by 22 percent than the net profit of Rs.1,277.27 crore reported for the same period last year. On per share basis, its quarterly earnings rose by 11 percent to Rs.34.19 from Rs.30.75 in the year-ago quarter.
Net interest income during the quarter grew by 24 percent to Rs.2,664.66 crore from the Rs.2,146.09 crore reported in the corresponding quarter last year.
Non-interest income stood at Rs.2,007.17 crore, compared with Rs.1,587.62 crore reported in the same period last year, reflecting a 26 percent growth, mainly driven by fee income which stood at Rs.1,618 crore, registering a growth of 22 percent y-o-y and a higher trading income which grew 63 percent y-o-y to Rs.238 crore.
The bank recorded a net interest margin of 3.70 percent in Q4FY13, growing sequentially by 13 basis points over Q3FY13.
Total income rose by 18 percent to Rs.9,054.72 crore from the Rs.7,647.94 crore in the corresponding quarter of the preceding year.
Operating profit for the quarter rose by 37 percent to Rs.2,799.70 crore from the Rs.2,037.55 crore in the prior- year quarter.
For the twelve month period, the Bank reported a stand-alone net profit of Rs.5,179.43 crore, compared with Rs.4,242.21 crore in the corresponding period in 2012, registering a 22 percent growth.
For the same period, net interest income rose by 21 percent to Rs.9,666.26 crore from the Rs.8,017.75 crore in the corresponding period last year. Non-interest income was Rs.6,551.11 crore, up by 21 percent from the Rs.5,420.22 crore for the twelve months period ended March 31, 2012.
Total income for the year stood at Rs.33,733.68, higher by 23 percent than the Rs.27,414.87 crore in 2012.
Consolidated Results
For the year, the bank's consolidated net profit was Rs.5,233.79 crore, compared with Rs.4,218.51 crore in the corresponding period in 2012, reflecting a 24 percent growth.
For the same period, net interest income rose by 21 percent to Rs.9,688.59 crore from the Rs.8,025.72 crore in the corresponding period last year. Non-interest income was Rs.6,832.80 crore, up by 25 percent from the Rs.5,487.19 crore for the twelve months period ended March 31, 2012.
Total consolidated income for the year stood at Rs.34,034.78 crore, higher by 24 percent than the Rs.27,482.09 crore in 2012.
At the end of the fourth quarter, net non-performing assets as a proportion of net customer assets were 1.06 percent, down from 0.32 percent at the end of year-ago comparable quarter.
The bank's capital adequacy ratio for the quarter increased to 17 percent from 13.66 percent at the end of the fourth quarter of last year.
Total deposits as at the end of March grew by 15 percent to Rs.252,614 crore from the Rs.220,104 as at the end of March 2012, while advances increased by 16 percent to Rs.196,967 crore as at the end March this year from the Rs.169,760 crore as at end March 2012.
The bank's Board recommended a dividend of 180 percent or Rs.18.00 per equity share of Rs.10 each for the fiscal year.
At the BSE, Axis Bank shares are being traded at Rs.1,483.85, up Rs.40.05 or 2.77 percent on a volume of around 119,000 shares.
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