AXIS BANK LTD
AXIS BANK has declared results for Q2 FY2011.
Net Profit during Q2FY11 rose to `735.14 crores from `531.64 crores in Q2FY10, registering a growth of 38.28% yoy. Net Profit for H1FY11 stood at `1,477.02 crores, up by 35.05% yoy from `1,093.68 crores for H1FY10.
Balance Sheet Size increased by 31.72% yoy from `1,51,714 crores as at the end of H1FY10 to `1,99,833 crores as at the end of H1FY11.
Demand Deposits on a daily average basis grew by 35.53% yoy to `57,674 crores during Q2FY11 from `42,554 crores during Q2FY10, with Savings Bank deposits growing by 40.89% yoy.
CAPITAL ADEQUACY RATIO :
The Bank is well-capitalised with a Capital Adequacy Ratio of 13.68% (without reckoning H1FY11 profit, as stipulated by Reserve Bank of India) as at the end of H1FY11 compared to 16.47% as at the end of H1FY10 and 14.54% as at the end of Q1FY11. Tier-I capital was 9.77% as at the end of H1FY11, as against 11.43% as at the end of H1FY10 and 10.32% as at the end of Q1FY11. The Capital Adequacy Ratio including H1 FY11 profits would have been 14.59% with a Tier-I capital ratio of 10.68%.
BRANCH NETWORK :
The Bank continued to build an India-wide presence through its 1,103 branches and extension counters and 4,846 ATMs across 676 cities and towns. During the quarter, the Bank added 53 branches and 372 ATMs.
CASA DEPOSITS :
The daily average balances of Savings Bank deposits during the quarter grew 41% yoy and those of Current Account deposits grew 28% yoy. Demand deposits constituted 39% of the aggregate daily average deposits during Q2FY11, similar to 39% observed during Q2FY10 and lower than 40% in Q1FY11. At the end of the quarter, Current Account and Savings Bank deposits together accounted for 41.55% of the total deposits of the Bank.
NET INTEREST MARGINS :
The Bank posted a NIM of 3.68% during Q2FY11, slightly lower than the NIM of 3.71% during Q1FY11 and higher than 3.52% during Q2FY10.
ADVANCES :
The Bank’s advances grew by 36% yoy, from `81,044 crores as on 30th September 2009 to `1,10,593 crores as on 30th September 2010, while investments rose to `61,942 crores from `52,072 crores, over the same period, a growth of 19% yoy. The NII rose to `1,615 crores during Q2FY11 from `1,150 crores during Q2FY10, a growth of 41% yoy.
FEE INCOME :
Fee income registered a growth of 18% yoy, rising to `849 crores during Q2FY11 compared to `719 crores in Q2FY10, with contributions from all major businesses in the Bank. Fee income from Large and Mid Corporate Credit grew 54% yoy, followed by that from Treasury (12% yoy), Retail Business (8% yoy). Fee income declined for Capital Markets (22% yoy), Business Banking (4% yoy), SME and Agri lending businesses (14% yoy). Compared to `1,346 crores during H1FY10, fee income during H1FY11 stood at `1,592 crores, up by 18% yoy.
TRADING PROFITS:
The Bank generated `108 crores of trading profits during Q2FY11, as compared to `224 crores in Q2FY10, a decline of 52% yoy. The share of trading profits to operating revenue decreased from 10% in Q2FY10 to 4% in Q2FY11.
NPAs & RESTRUCTURES LOANS:
Net NPAs, as a proportion of net customer assets, decreased to 0.34% as on 30th September 2010 compared to 0.35% as on 30th June 2010 and 0.45% as on 30th September 2009. Gross NPAs as a proportion of gross customer assets stood at 1.12% as on 30th September 2010, compared to 1.13% as on 30th June 2010 and 1.21% as on 30th September 2009. The Bank had a provision coverage of 90.45% as on 30th September 2010 (as a proportion of Gross NPAs together with prudential write-offs). The provision coverage (as a proportion of Gross NPAs) before accumulated write-offs was 80.17%.
During the quarter, the Bank added `446 crores to Gross NPAs. Recoveries and upgradations of `130 crores and write-offs of `294 crores during the quarter resulted in a closing position of `1,362 crores of Gross NPAs on 30th September 2010, higher than the position at the end of September 2009 by `230 crores.
The Bank restructured loans aggregating `60 crores during Q2FY11. The cumulative value of assets restructured till 30th September 2010, however, declined to `2,061 crores (1.69% of gross customer assets).
Performance Highlights
Q2FY11 H1FY11
Net Profit 38 % YOY 35% YOY
Net Interest Income 40 % YOY 43 % YOY
Fee Income 18 % YOY 18 % YOY
Operating Revenue 20 % YOY 22 % YOY
Operating Profit 14% YOY 18 % YOY
Net Interest Margin 3.68% 3.69%
Cost of Funds 4.75% 4.69%
RESULTS IN FIGURES:
| AXIS BANK | Q2 FY 11 | Q1 FY 11 | Dif%1 | Q2 FY 11 | Dif%2 |
| Interest on Advances | 242903 | 231089 | 5.11 | 195019 | 24.55 |
| Income on Investments | 112354 | 93526 | 20.13 | 85956 | 30.71 |
| Income on Balances With RBI | 3837 | 3248 | 18.13 | 3002 | 27.81 |
| Others | 3331 | 4696 | -29.07 | 2059 | 61.78 |
| Interest Earned | 362425 | 332559 | 8.98 | 286036 | 26.71 |
| Other Income | 103324 | 100078 | 3.24 | 106558 | -3.03 |
| Total Income | 465749 | 432637 | 7.65 | 392594 | 18.63 |
| Interest Expended | 200915 | 181182 | 10.89 | 171068 | 17.45 |
| Employees Cost | 40530 | 41642 | -2.67 | 30420 | 33.23 |
| Other Oprtg Expenses | 75669 | 64808 | 16.76 | 60531 | 25.01 |
| Opertg Expenses | 116199 | 106450 | 9.16 | 90951 | 27.76 |
| Operating Profit | 148635 | 145005 | 2.5 | 130575 | 13.83 |
| Provisions | 37876 | 33300 | 13.74 | 49889 | -24.08 |
| Profit before tax | 110759 | 111705 | -0.85 | 80686 | 37.27 |
| Tax Expense | 37245 | 37517 | -0.73 | 27522 | 35.33 |
| Net Profit After Tax | 73514 | 74188 | -0.91 | 53164 | 38.28 |
| Net Profit | 73514 | 74188 | -0.91 | 53164 | 38.28 |
| Face Value .Rs. | 10 | 10 | 0 | 10 | 0 |
| Paid-up Equity | 40884 | 40744 | 0.34 | 40195 | 1.71 |
| Dividend (%) | - | - | - | ||
| Capital Adequacy Ratio | 13.68 | 14.54 | -5.91 | 16.47 | -16.94 |
| Basic EPS | 18.01 | 18.26 | -1.37 | 14.64 | 23.02 |
| Diluted EPS | 17.72 | 17.95 | -1.28 | 14.38 | 23.23 |
| Gross/Net NPA | 40935 | 41341 | -0.98 | 41674 | -1.77 |
| % of Gross/Net NPA | 0.34 | 0.35 | -2.86 | 0.45 | -24.44 |
| Return on Assets | 1.5 | 1.63 | -7.98 | 1.45 | 3.45 |
| Public Shareholding (%) | 53.82 | 54.51 | -1.27 | 53.23 | 1.11 |
ANNOUNCEMENTS
TO THE EXCHANGE
14-10-2010 Axis Bank Limited has informed the Exchange regarding the standalone Results for the quarter ended on 30-SEP-2010 as follows: Interest earned of Rs. 362425 lacs for the quarter ending on 30-SEP-2010 against Rs. 286036 lacs for the quarter ending on 30-SEP-2009. Interest expended of Rs. 200915 lacs for the quarter ending on 30-SEP-2010 against Rs. 171068 lacs for the quarter ending on 30-SEP-2009. Net Profit / (Loss) of Rs. 73514 lacs for the quarter ending on 30-SEP-2010 against Rs. 53164 lacs for the quarter ending on 30-SEP-2009. -
15-07-2010 Axis Bank Limited has informed the Exchange regarding the standalone Results for the quarter ended on 30-JUN-2010 as follows: Interest earned of Rs. 332559 lacs for the quarter ending on 30-JUN-2010 against Rs. 290556 lacs for the quarter ending on 30-JUN-2009. Interest expended of Rs. 181182 lacs for the quarter ending on 30-JUN-2010 against Rs. 185993 lacs for the quarter ending on 30-JUN-2009. Net Profit / (Loss) of Rs. 74188 lacs for the quarter ending on 30-JUN-2010 against Rs. 56204 lacs for the quarter ending on 30-JUN-2009. -
11-05-2010 Axis Bank Limited has informed the Exchange that the Board of Directors of the Bank has on May 11, 2010 passed a resolution approving the allotment of Senior Notes aggregating to SGD 40 Million under the MTN programme through its Hong Kong branch. -
20-04-2010 Axis Bank Limited has informed the Exchange that the Board of Directors of the Bank at its meeting held on April 20, 2010 has recommended the payment of dividend @ Rs. 12.00 per equity share i.e. 120% on equity shares of the Bank and the same will be payable after it is approved by the shareholders at the Annual General Meeting scheduled to be held on June 08, 2010. The Bank had declared dividend of Rs. 10.00 per equity share i.e. 100% for the previous year 2008-09.
20-04-2010 Axis Bank Limited has informed the Exchange regarding the consolidated Results for the year ended on 31-MAR-2010 as follows: Interest earned of Rs. 1163905 lacs for the year ending on 31-MAR-2010 against Rs. 1082911 lacs for the year ending on 31-MAR-2009. Interest expended of Rs. 663263 lacs for the year ending on 31-MAR-2010 against Rs. 714892 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 247814 lacs for the year ending on 31-MAR-2010 against Rs. 181293 lacs for the year ending on 31-MAR-2009. -
20-04-2010 Axis Bank Limited has informed the Exchange regarding the standalone Results for the quarter ended on 31-MAR-2010 as follows: Interest earned of Rs. 298845 lacs for the quarter ending on 31-MAR-2010 against Rs. 303922 lacs for the quarter ending on 31-MAR-2009. Interest expended of Rs. 152838 lacs for the quarter ending on 31-MAR-2010 against Rs. 200662 lacs for the quarter ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 76487 lacs for the quarter ending on 31-MAR-2010 against Rs. 58145 lacs for the quarter ending on 31-MAR-2009. -
20-04-2010 Axis Bank Limited has informed the Exchange regarding the standalone Results for the year ended on 31-MAR-2010 as follows: Interest earned of Rs. 1163802 lacs for the year ending on 31-MAR-2010 against Rs. 1083548 lacs for the year ending on 31-MAR-2009. Interest expended of Rs. 663353 lacs for the year ending on 31-MAR-2010 against Rs. 714927 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 251453 lacs for the year ending on 31-MAR-2010 against Rs. 181536 lacs for the year ending on 31-MAR-2009.
Summarizing the results :
Axis Bank has been growing at a decent pace and is continuing the same trend in the Q2 FY11 also. It is also looking at each Business opportunity and capitalizing on the same. It is an excellent growth opportunity for all medium to long term Investors.
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