Axis Bank Limited
NSE Symbol AXISBANK
AXIS BANK has declared another set of ROBUST RESULTS for the
3rd qtr ending Dec,2011.
Interest on Advances stands at Rs.3963.56 Cr in Q3 FY 12 – compared to Rs.3687.82 cr in Q2
FY 12(up by 7.48%) and Rs.2600.55 cr in Q3 FY11 (Up by 52.41%).
Income on Investments stands at Rs.1775.23 Cr in Q3 FY 12 – compared to
Rs.1548.64 cr in Q2 FY 12 (Up by 14.63%) and Rs.1166.83 cr in Q3 FY 11 (Up by 52.14%).
Interest Earned stands at Rs.5776.96 Cr in Q3 FY 12 - compared
to Rs.5275.97 Cr in Q2 FY 12 (Up by 9.5%) and Rs.3838.31 Cr in Q3 FY 11 (Up by
a huge 50.51%).
Other Income stands at Rs.1429.81 Cr in Q3 FY 12 – compared to
Rs.1234.92 Cr in Q2 FY 12 (Up by 15.78%)
; and Rs.1147.71 Cr in Q3 FY 11 (Up by 24.58%).
Total Income stands
at Rs.7206.77 Cr in Q3 FY 12 – compared to Rs.6510.89 cr in Q2 FY 12 (Up by 10.69%)
; and Rs.4986.02 Cr in Q3 FY 11 (Up by 44.54%).
Interest Expended stands
at Rs.3636.66 cr in Q3 FY 12 - compared to Rs.3268.71 Cr in Q2 FY 12 (Up
by 11.26%); and Rs.2105.19 cr in Q3 FY 11 (Up by 72.75%).
Net Interest Income stands at
Rs.2140.30 Cr in Q3 FY 12 – compared to Rs.2007.26 Cr in Q2 FY 12 (Up by 6.63%);
and Rs.1733.12 cr in Q3 FY11 (Up by 23.49%)
Total Expdr excl provisions stands at Rs.5147.57 cr in Q3 FY 12 – compared to
Rs.4735.25 cr in Q2 FY 12 (Up by 8.71%); and Rs.3327.54 Cr in Q3 FY 11 (Up by 54.7%).
Operating Profit stands at
Rs.2059.20 Cr in Q3 FY 12 – compared to Rs.1775.64 Cr in Q2 FY 12 (Up by 15.97%)
; and Rs.1658.48 Cr in Q3 FY 11 (Up by 24.16%).
Provisions has increased slightly in Q3 FY 12 to Rs.422.33 cr –
compared to Rs.405.58 Cr in Q2 FY 12 (Up by 4.13%) ; and Rs.313.88 cr in Q3 FY
11 (Up by 34.55%).
Profit before tax stands at Rs.1636.87 cr in Q3 FY 12 – compared to Rs.1370.06 Cr in Q2 FY
12 (Up by 19.47%) ; and Rs.1344.60 Cr in Q3 FY 11 (Up by 21.74%).
Tax Expense stands at Rs.534.60 cr in Q3 FY 12 – compared to
Rs.449.74 cr in Q2 FY 12 (Up by 18.87%); and
Rs.453.24 cr in Q3 FY 11 (Up by 17.95%).
Net Profit stands at Rs.1102.27 Cr in Q3 FY 12 – compared to
Rs.920.32 Cr in Q@ FY 12 (Up by 19.77%); and Rs.891.36 Cr in Q3 FY 11 (Up by 23.66%).
Capital Adequacy Ratio stands at 11.78%
and is comfortable. Axis bank seems to be in the process of raising additional
funds presently.
% of Gross/Net NPA is very
comfortable at 0.39 –compared to 0.34 in previous qtr and 0.29 in corresponding
Qtr.
Return on Assets is very Good at
1.68.
On a Face Value of Rs.10 - Basic
EPS stands at Rs.26.73 in Q3 FY 12;
Rs.22.33 in Q2 FY 12; Rs.22.92 in Q1 FY 12; Rs.24.87 in Q4 FY 11; and Rs.21.77
in Q3 FY 11.
At
this Rate, the total annual EPS
may be around Rs.99.
Current
Market Price
is Rs.1018; and the 52
week high price is Rs.1460.45 and the 52 week low price is Rs.784.
The PE Ratio is very LOW at 10.28
The
Last 5 Quarters Results are given below in the table. Clearly, Axis Bank has
been improving consistently in these and the earlier quarters as well. While
its peer, HDFC Bank may be scoring faster in some of the quarters, and thus
meriting a slightly higher valuation, Axis Bank certainly justifies a much
better market valuation that at present.Its performance and Growth are very consistent and Robust.
RESULTS TABLE
AXIS BANK
|
31-Dec-11
|
30-Sep-11
|
%dif1
|
30-Jun-11
|
31-Mar-11
|
31-Dec-10
|
%dif2
|
Interest
on Advances
|
396356
|
368782
|
7.48
|
347010
|
306264
|
260055
|
52.41
|
Income
on Investments
|
177523
|
154864
|
14.63
|
133284
|
121306
|
116683
|
52.14
|
Income
on Balances With RBI
|
1547
|
1117
|
38.5
|
4791
|
6359
|
4818
|
-67.89
|
Others
|
2270
|
2834
|
-19.9
|
3055
|
2737
|
2275
|
-0.22
|
Interest Earned
|
577696
|
527597
|
9.5
|
488140
|
436666
|
383831
|
50.51
|
Other
Income
|
142981
|
123492
|
15.78
|
116787
|
145040
|
114771
|
24.58
|
Total Income
|
720677
|
651089
|
10.69
|
604927
|
581706
|
498602
|
44.54
|
Interest
Expended
|
363666
|
326871
|
11.26
|
315730
|
266566
|
210519
|
72.75
|
Employees
Cost
|
54204
|
49862
|
8.71
|
50996
|
39602
|
39616
|
36.82
|
Other
Oprtng Expenses
|
96887
|
96792
|
0.1
|
82353
|
93457
|
82619
|
17.27
|
Oprtng
Expenses
|
151091
|
146654
|
3.03
|
133349
|
133059
|
122235
|
23.61
|
Total Expdr excl provi.
|
514757
|
473525
|
8.71
|
449079
|
399625
|
332754
|
54.7
|
Operating
Profit
|
205920
|
177564
|
15.97
|
155848
|
182081
|
165848
|
24.16
|
Provisions
|
42233
|
40558
|
4.13
|
17584
|
25439
|
31388
|
34.55
|
Profit before tax
|
163687
|
137006
|
19.47
|
138264
|
156642
|
134460
|
21.74
|
Tax
Expense
|
53460
|
44974
|
18.87
|
44029
|
54631
|
45324
|
17.95
|
Net Profit
|
110227
|
92032
|
19.77
|
94235
|
102011
|
89136
|
23.66
|
Face
Value(Rs.)
|
10
|
10
|
0
|
10
|
10
|
10
|
0
|
Paid-up
Equity
|
41257
|
41233
|
0.06
|
41188
|
41055
|
40990
|
0.65
|
Capital
Adequacy Ratio
|
11.78
|
11.35
|
3.79
|
12.53
|
12.65
|
12.46
|
-5.46
|
Basic
EPS
|
26.73
|
22.33
|
19.7
|
22.92
|
24.87
|
21.77
|
22.78
|
Diluted
EPS
|
26.53
|
22.13
|
19.88
|
22.67
|
24.54
|
21.44
|
23.74
|
Gross/Net NPA
|
68293
|
54877
|
24.45
|
46247
|
41035
|
38554
|
77.14
|
%
of Gross/Net NPA
|
0.39
|
0.34
|
14.71
|
0.31
|
0.26
|
0.29
|
34.48
|
Return
on Assets
|
1.68
|
1.52
|
10.53
|
1.61
|
1.81
|
1.75
|
-4
|
Public
holding (%)
|
53.63
|
52.07
|
3
|
52.87
|
53.6
|
53.63
|
0
|
PRESS RELEASE – 20th January, 2012
Ø AXIS
BANK ANNOUNCES Q3FY12 NET PROFIT OF Rs.1,102 CRORES, UP BY 23.66% YOY
Ø AND
9MFY12 NET PROFIT OF Rs.2,965 CRORES, UP BY 25.19% YOY
Results at a Glance
Net
Profit during
Q3FY12 rose to Rs.1,102 crores from Rs.891 crores in Q3FY11,
registering a growth of 24% YOY. Net Profit for 9MFY12 stood at Rs.2,965
crores, up by 25% from Rs.2,368 crores for 9MFY11.
Demand
Deposits grew by 32%
YOY to Rs.86,756 crores during Q3FY12 from Rs.65,931 crores during
Q3FY11, with Savings Bank deposits growing by 21% YOY and Current
Account deposits by 47%. CASA ratio as a result moved up to account
for 42% of aggregate deposits.
The
YOY growth in Net Interest Income and Fee Income during Q3FY12
was 23% and 26% respectively. Net Interest Margin during
Q3FY12 was 3.75% compared to 3.81% in Q3FY11 and 3.78% in Q2FY11.
The
Bank is well-capitalised with a Capital Adequacy Ratio of 11.78% (without
reckoning 9MFY12 profit, as stipulated by Reserve Bank of India) as at the end
of 9MFY12 compared to 12.46% as at the end of 9MFY11 and 11.35% at
the end of Q2FY12. Tier-I capital was 8.25% as at the end of
9MFY12, as against 8.86% at the end of 9MFY11 and 8.48% at the
end of Q2FY12. Capital Adequacy including 9MFY12 profits would have been 13.11%
with Tier-I capital ratio of 9.58%.
Financial Highlights
At the end of Q3FY12, Axis
has a network of 1,493 domestic branches and extension counters and 8,324 ATMs
situated in 971 cities and towns.
During the quarter, the
Bank added 47 branches and 730 ATMs.
The daily average balances
of Savings Bank deposits during the quarter grew 19% YOY and those of Current
Account deposits grew 4% YOY.
Demand deposits
constituted 37% of the aggregate daily average deposits during Q3FY12, as
against 38% in the previous quarter. At the end of the quarter, Current Account
and Savings Bank deposits together accounted for 42% of the total deposits of
the Bank.
The Bank posted a NIM of
3.75% during Q3FY12, compared to 3.81% during Q3FY11 and 3.78% during Q2FY12.
The Bank‟s
advances grew 20% YOY from Rs.1,23,533 crores as on 31st December
2010 to Rs.1,48,739 crores as on 31st December
2011 while investments rose to `90,263
crores from `59,623 crores over
the same period, registering a growth of 51% YOY. The NII rose 23% YOY to Rs.2,140
crores during Q3FY12 from Rs.1,733 crores during Q3FY11.
Fee Income
Fee income registered a
growth of 26% YOY, rising to Rs.1,223 crores during Q3FY12 compared to Rs.968
crores in Q3FY11, with contributions from all the major businesses in the Bank.
Fee income from Large and Mid Corporate Credit (including Infrastructure) grew
34% YOY, Retail banking fees grew 26% YOY, Treasury and Debt Capital Markets
fees grew 25% YOY and Agriculture & SME Banking fees grew 13% YOY. Fees in
Business Banking grew 15% YOY. Fee income from Equity Capital Markets
(including Trusteeship Services) contracted 12% YOY. Compared to Rs.2,559
crores during 9MFY11, fee income during 9MFY12 stood at Rs.3,400 crores, up by
33% YOY.
Trading Profits
The Bank generated Rs.118
crores of trading profits during Q3FY12, as compared to Rs.135 crores during
Q3FY11, a decline of 13% YOY. The share of trading profits to operating revenue
was 3% in Q3FY12, compared to 5% in Q3FY11.
NPAs and
Restructured Assets
Net NPAs, as a proportion
of net customer assets were 0.39% as on 31st December
2011against 0.34% as on 30th September 2011. Gross NPAs as a proportion of gross customer
assets stood at 1.10% as on 31st December 2011, compared to 1.09% as on 31st December
2010 and 1.08% as on 30th September 2011. The Bank had provision coverage of 75.28% as on 31st December
2011 (as a proportion of Gross NPAs including prudential write-offs). The
provision coverage (as a proportion of Gross NPAs) before accumulated
write-offs was 87.68%.
During the quarter, the
Bank added Rs.`535 crores to Gross
NPAs. Recoveries and upgrades of Rs.121 crores and write-offs of Rs.243 crores
during the quarter resulted in a closing position of Rs.1,915 crores of Gross
NPAs on 31st December 2011, as against Rs.1,744 crores at the end of
September 2011.
The Bank restructured
loans aggregating Rs.295 crores during Q3FY12. The cumulative value of assets
restructured till 31st December 2011, rose to Rs.2,701 crores (1.55% of gross
customer assets). 69% of these loans were restructured upto Q3FY11 and were
more than a year old.
Investment Portfolio
The book value of the Bank‟s investment portfolio as on 31st December 2011 was Rs.90,263 crores, of which, Rs.55,919
crores related to government securities while Rs.34,344 crores were invested
in other securities such as corporate bonds, equities, preference shares,
mutual funds etc.
|
Business Overview
Placement / Syndication
The Bank arranged debt
aggregating Rs.30,297 crores during Q3FY12 rising 45% over Q3FY11. The Bank was
assessed as the No.1 Debt Arranger for Calendar Year 2011 by Bloomberg. The
bank was assessed No.2 debt arranger for the half year ended September 2011 by
Prime Database. The Bank also won awards for the “Best Domestic Bank – India
2011” & “Best Domestic Bond House – India; 2011” from „The Asset Triple A
Country Awards 2011‟
instituted by the Asset Magazine. The
Bank was also adjudged “Bank of the year – India 2011” by the Banker magazine
and also won the award for the “Best Bank in the Private Sector” by NDTV-
Profit.
Retail
Business
The number of Savings Bank
accounts grew from 91.96 lacs as on 31st December 2010 to 113.97 lacs as on
31st December 2011. Retail advances grew from Rs.25,191 crores as on 31st December
2010 to Rs.33,264 crores as on 31st December 2011, a
growth of 32% YOY. Retail Advances accounted for 22% of the total advances of
the Bank as on 31st December 2011. The Bank's International Debit Card issuance
has risen to 114 lac debit cards as on 31st December 2011, as compared to 96
lac debit cards in force as on 31st December 2010. The Bank had over 7.23 lac
credit cards in force as on 31st December 2011. The Bank offers personal
investment products including life insurance products, general insurance
products, online trading accounts and mutual funds of leading manufacturers as
also wealth advisory services and Mohur - gold coins and bars - through select
branches.
Capital
and Shareholders’ Funds
The Shareholders‟ Funds of the Bank were `22,134 crores as on 31st December 2011 growing 19%
YOY from `18,622 crores as on 31st December 2010. The Capital Adequacy Ratio (CAR) for the Bank
was 11.78%, as on 31st December 2011, compared to 12.46% as on 31st December 2010. The Tier-I
capital adequacy ratio was 8.25% as on 31st December 2011, compared to 8.86% as on 31st December 2010. The profit
of 9M for both financial years has not been reckoned for computation of Tier-I
capital, as stipulated by Reserve Bank of India. If the net profit of `2,965 crores for 9MFY12 is included, the total CAR and Tier-I
CAR as on 31st December
2011 would have been 13.11% and 9.58% respectively.
ANNOUNCEMENTS
BY AXIS BANK
01-12-2011
Axis Bank has passed a resolution
approving Allotment of Unsecured Redeemable Non-Convertible Subordinated
Debentures on private placement basis as the Bank's Lower Tier II capital
aggregating to Rs. 1,500 crores (including green shoe option of Rs. 500
crores).The Debentures will be listed on The Bombay Stock Exchange (BSE) and The
National Stock Exchange (NSE) in India.
16-09-2011
Axis Bank Board has considered
and unanimously approved the transfer of the financial services business of
Enam Securities Private Limited ("Enam") in the following manner: (i)
the Enam Financial Services Business will be demerged from Enam into the Bank
by way of the Demerger under a Scheme of Arrangement and as consideration for
the Demerger, the Enam Shareholders will be issued 1,37,82,600 equity shares on
the basis of the agreed swap ratio of 5.7 (Five Point Seven) equity shares of
the Bank for every 1 (One) equity share of Enam; (ii) immediately upon the
completion of step (i) above and concurrent thereto, the Bank shall sell the
Enam Financial Services Business to ASSL, its wholly owned subsidiary, by way
of the Sale under the said Scheme of Arrangement and ASSL shall pay the Bank a
cash consideration of approximately Rs. 274 crores, which represents the book
value of the Enam Financial Services Business. The above actions are proposed
to be undertaken pursuant to a Scheme which was tabled and approved by the
Board at its meeting, and which was formulated in compliance with the
conditions prescribed by the Reserve Bank of India in this behalf. The Scheme is
subject to the receipt of necessary approvals under applicable law, including
the approval of the shareholders and creditors of the Bank, Enam and ASSL, the
relevant High Courts and the relevant regulators.
* *
* E N
D * * *
No comments:
Post a Comment