Axis Bank - Q4FY13 Result First Cut - Microsec

Axis Bank Ltd announced its Q4FY13 result on 24th April 2013.

Bank's total income increased by 13.66% QoQ and 25.13% YoY to INR4671.83 crores, driven by robust growth in its Net Interest Income (NII) and Other Income (OI) by 6.81% and 24.25% QoQ and 24.16% and 26.43% YoY respectively. Whereas, Profit After Tax (PAT) increased by 15.43% QoQ and 21.76% YoY to INR1555.15 crores. Bank has increased its provision by 54% QoQ and 327% YoY to INR595.35 crores.

During the quarter, bank's loan book and total deposits expanded by 16.03% and 14.77% YoY to INR196965.96 and INR252613.59 crores respectively. On the asset quality front, GNPA and NNPA improved by 4 and 1bps QoQ to 1.06% and 0.32% respectively. Moreover, bank has improved its low cost deposit (CASA) by 400bps QoQ and 200bps YoY to 44% which helped it to improved its Net Interest Margin. NIM has been improved by 13bps QoQ and 15bps YoY to 3.70%. Bank is well capitalized to support its growth trajectory. Capital Adequacy Ratio (CAR) stood at 17%, which is 8% higher than the regulator's stipulated norm. Bank is in well position to tame any time liabilities with 79% of its Provision Coverage Ratio (PCR).

In FY13, bank's topline increased by 22.26% YoY to INR16521.39 crores whereas, bottom line increased by 24.05% YoY to INR5234.76 crores.

During the quarter, the bank acquired the entire share capital of Axis Finance Pvt Ltd. (formally Enam Finance Pvt Ltd) from Axis Capital Ltd. a wholly owned subsidiary of the bank at a consideration of INR90.40 crores.

For the year ended March 31, 2013, the Board of Directors have recommended a dividend of Rs. 18 per equity share (180%) as against Rs. 16 per share (160%) in the same period last year.

Source : Equity Bulls

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