AXIS BANK LIMITED
NSE SYMBOL
AXIS BANK Limited has declared its Results for the third quarter ending 31st,Dec,2010. It has produced excellent improvement in all aspects in this quarter.
Interest on Advances is Rs.2601 Cr – up by 7.06% from Q2; up by 12.53% from Q1; up by 25.33% from Q4 of FY10; and UP by an impressive 30.82% from Q3 of FY10.
Income on Investments is Rs.1167 Cr – up by 3.85% from Q2; Up by 24.76% from Q1; Up by 36.31% from Q4 of FY10; and UP by an impressive 38.02% from Q3 of FY10.
Thus both the main income streams have registered over 30% increase over the corresponding quarter and more importantly, the improvement has come in each of the 4 quarters.
Total interest earned is Rs.3838 Cr – up by 5.91% from Q2; up by 15.42% from Q1; up by 28.44% from Q4 of FY10; and up by an impressive 33.11% from Q3 of FY10.
Total Income is Rs.4986 Cr – up by 7.05% from Q2; Up by 15.25% from Q1; up by 27.13% from Q4 of FY10 ; and up by an excellent 28.78% from Q3 of FY10.
Net Interest Income (Interest earned – interest expended) is Rs.1733 Cr, up by 7.31% from Q2; up by 14.49% from Q1; up by 18.7% from Q4 of FY10; and up by 28.46% from Q3 of FY10. This improvement is very significant.
Operating Profit is Rs.1658 cr – up by 11.58% from Q2; up by 14.37% from Q1; up by 19.85% from Q4 FY10; and up by 20.65% from Q3 of FY10. This is despite increase in operating and other operating expenses.
NET PROFIT is Rs.891 cr – up by 21.25% from Q2; Up by 20.15% from Q1; up by 16.54% from Q4 of FY10; and up by a huge 35.88% from the corresponding quarter of Q3 of FY10.
Provisions is Rs.314 cr – DOWN BY17.13% from previous quarter of Q2; down by 5.74% from Q1; up by 55.49% from Q4 of FY10; and down by 15.88% from corresponding quarter of Q3 of DFY10.
Capital Adequacy Ratio is Rs.12.46 compared to 13.68 in previous qtr and 16.8 in corresponding quarter of Q3 of FY10. Though, it is slightly down, it is still quite healthy. It also shows that utilization of funds was good in Q3.
% of Gross/Net NPA is quite healthy at 0.29 compared to 0.34 in Q2; 0.35 in Q1; 0.36 in Q4 of FY10; and 0.46 in Q3 of FY10. This shows a significant improvement on NPA front also, even though, it was already healthy in earlier quarters as well.
Return on Assets is one of the highest at 1.75 – compared to 1.5 in Q2; 1.63 in Q1; 1.85 in Q4 of FY10 and 1.73 in Q3 of FY10. In comparison to most other banks, Axis Bank has one of the healthiest Return on Assets consistently.
Basic EPS has shown a Fantastic improvement to Rs.21.77 against Rs.18.01 in Q2; Rs.18.26 in Q1; Rs.18.92 in Q4 of FY10 and Rs.16.29 in Q3 of FY10.
The performance comes in the wake of being voted as the Best large bank in one survey and as the fastest growing large bank (and 2nd best large Bank) in another survey recently.
PE RATIO : At current EPS levels, annual EPS will be around Rs.79.8. Current Market price of the Rs.10 share is Rs.1230. Hence, PE Ratio is just 15.4. At the current Rate, considering the rate of progress of Axis, the share has huge scope for appreciation in a normal market.
RESULTS IN FIGURES :
| AXIS BANK | 31-Dec-10 | 30-Sep-10 | 30-Jun-10 | 31-Mar-10 | 31-Dec-09 |
| Interest on Advances | 260055 | 242903 | 231089 | 207497 | 198788 |
| dif %1 | 2601 | 7.06 | 12.53 | 25.33 | 30.82 |
| Income on Investments | 116683 | 112354 | 93526 | 85601 | 84543 |
| Dif %2 | 1167 | 3.85 | 24.76 | 36.31 | 38.02 |
| Income on Balances With RBI | 4818 | 3837 | 3248 | 2720 | 2735 |
| Others | 2275 | 3331 | 4696 | 3027 | 2299 |
| Interest Earned | 383831 | 362425 | 332559 | 298845 | 288365 |
| Dif %3 | 3838 | 5.91 | 15.42 | 28.44 | 33.11 |
| Other Income | 114771 | 103324 | 100078 | 93354 | 98809 |
| Total Income | 498602 | 465749 | 432637 | 392199 | 387174 |
| Dif %4 | 4986 | 7.05 | 15.25 | 27.13 | 28.78 |
| Interest Expended | 210519 | 200915 | 181182 | 152838 | 153454 |
| Dif%4 | 173312 | 161510 | 151377 | 146007 | 134911 |
| Dif%5 | 1733 | 7.31 | 14.49 | 18.7 | 28.46 |
| Employees Cost | 39616 | 40530 | 41642 | 33375 | 30854 |
| Other Opertng Expenses | 82619 | 75669 | 64808 | 67605 | 65403 |
| Operatng Expenses | 122235 | 116199 | 106450 | 100980 | 96257 |
| Operating Profit | 165848 | 148635 | 145005 | 138381 | 137463 |
| Dif %6 | 1658 | 11.58 | 14.37 | 19.85 | 20.65 |
| Provisions | 31388 | 37876 | 33300 | 20187 | 37314 |
| Dif %7 | 314 | -17.13 | -5.74 | 55.49 | -15.88 |
| Profit before tax | 134460 | 110759 | 111705 | 118194 | 100149 |
| Tax Expense | 45324 | 37245 | 37517 | 41707 | 34551 |
| Net Profit | 89136 | 73514 | 74188 | 76487 | 65598 |
| Dif %8 | 891 | 21.25 | 20.15 | 16.54 | 35.88 |
| Face Value(in Rs.) | 10 | 10 | 10 | 10 | 10 |
| Dividend (%) | - | - | - | 120 | - |
| Capital Adequacy Ratio | 12.46 | 13.68 | 14.54 | 15.8 | 16.8 |
| Basic EPS | 21.77 | 18.01 | 18.26 | 18.92 | 16.29 |
| Diluted EPS | 21.44 | 17.72 | 17.95 | 18.57 | 15.98 |
| Gross/Net NPA | 38554 | 40935 | 41341 | 41900 | 42955 |
| % of Gross/Net NPA | 0.29 | 0.34 | 0.35 | 0.36 | 0.46 |
| Return on Assets | 1.75 | 1.5 | 1.63 | 1.85 | 1.73 |
| Public holding (%) | 53.63 | 53.82 | 54.51 | 53.1 | 53.71 |
ANNOUNCEMENTS
TO THE EXCHANGE
17-01-2011 Axis Bank Limited has informed the Exchange regarding the standalone Results for the quarter ended on 31-DEC-2010 as follows: Interest earned of Rs. 383831 lacs for the quarter ending on 31-DEC-2010 against Rs. 288365 lacs for the quarter ending on 31-DEC-2009. Interest expended of Rs. 210519 lacs for the quarter ending on 31-DEC-2010 against Rs. 153454 lacs for the quarter ending on 31-DEC-2009. Net Profit / (Loss) of Rs. 89136 lacs for the quarter ending on 31-DEC-2010 against Rs. 65598 lacs for the quarter ending on 31-DEC-2009.
18-11-2010 Axis Bank Limited has informed the Exchange that at a meeting of the Board of Directors of the Company ("Board") held on November 17, 2010, the Board has considered and unanimously approved the acquisition by Axis Securities and Sales Limited ("ASSL"), a wholly owned subsidiary of the Company, of the financial services business of Enam Securities Private Limited ("Enam"), comprising the businesses of investment banking, equity capital markets, debt capital markets, stock broking (retail and institutional) and initial public offering ("IPO") application financing and loans against shares for the purpose of share acquisitions, distribution of third party products (including broking and commission of mutual funds, equity IPOs, capital gain bonds, fixed deposits, RBI bonds] and other financial products, advisory services in relation to the aforesaid and research, conducted by ESPL directly and through its wholly owned subsidiaries in India and overseas, namely, Enam Securities Direct Pvt. Ltd., Enam International Ltd. (UAE), Enam Securities Europe Limited (UK), Enam Finance Pvt. Ltd., (collectively, the "Enam Financial Services Business") by the Company.
18-11-2010 Axis Bank Limited has informed the Exchange regarding the press release dated November 17, 2010 titled " Axis Bank and Enam combine their investment banking and equities businesses".
02-11-2010 Axis Bank Limited has informed the Exchange regarding a press release dated November 02, 2010, titled "Pricing of US$500 million 4.750% Senior Unsecured Notes".
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