AXIS BANK
 |
| SHIKHA SHARMA, MD & CEO |
FINANCIAL RESULTS
FOR QTR & HY ENDING SEP,2012
AXIS BANK has produced good results for q/e Sep,2012.
Net Profit has grown well at 22% YoY. Net Interest Margin is very Healthy
at 3.46%. Retail Banking Business has grown impressively by 43% in the quarter.
Net NPAs at 0.33%, though slightly higher than earlier, is quite healthy.
The Bank’s shares are trading at Rs.1199/-
Results at a Glance
Ø Net Profit for Q2FY13 and H1FY13 grows 22% YOY to Rs.1,124 crores and Rs.2,277
crores, respectively
Ø Balance Sheet size crosses Rs.300,000 crore to touch a level of Rs.302,681
crore as on 30th September 2012
Ø Retail franchise continues to show traction
Ø Savings Bank Deposits grow 20% YoY and Retail Term Deposits by 39%
Ø Retail Assets increase by 51%, account for 26% of net advances
Ø Fee income of Retail Business grows 43%
Ø CASA Deposit Ratio
stood at 41% of total deposits
Ø Healthy Asset quality with Net NPA at 0.33%.
Ø Capital Adequacy Ratio (including net profit for H1FY13) comfortable at
13.92%, and Tier-I Capital at 9.92%
Profit & Loss
Account:
Period ended 30th September,
2012
Operating Profit
& Net Profit
Operating Profit for
H1FY13 and Q2 FY13 grew by 24% YOY and 23% YOY respectively. Operating Profit
for H1FY13 was Rs.4,142 crores up from Rs.3,334 crores for H1FY12.
Operating Profit for
Q2 FY 13 has risen to Rs.2,178 crores from Rs.1,776 crores in Q2FY12.
Net Profit for
H1FY13 and Q2FY13 has registered a growth of 22% YOY. Net Profit for H1FY13
rose to Rs.2,277 crores from Rs.1,863 crores, and for Q2FY13 Net Profit has
risen to Rs.1,124 crores from Rs.920 crores in Q2FY12.
Net Interest Income
and Net Interest Margin
Net Interest Income
(NII) rose by 21% YOY to Rs.4,507 crores during H1FY13 from Rs.3,731 crores
during H1FY12.
NII for Q2FY13 was Rs.2,327
crores against Rs.2,007 in Q2FY12.
The Bank recorded a
Net Interest Margin of 3.46% in Q2FY13, compared to 3.37% during Q1FY13.
Other Income
Other income for
H1FY13 grew 22% and stood at Rs.2,929 crores as compared to Rs.2,403 crores
during the same period last year.
During the quarter,
other income has grown 29% YOY to Rs.1,593 crores, driven by growth in fee
income which stood at Rs.1,343 crores thereby registering a growth of 20% YOY.
The main business
segments driving fee growth during the quarter were Retail Banking, which grew
43% YOY and Large and Mid-Corporate Banking which grew 15% YOY. SME and
Agricultural Banking fees grew 17% YOY in the quarter. Trading Profits of the
Bank were `207 crores during Q2FY13.
Balance Sheet: As on
30th September 2012
The Bank’s Balance
Sheet has grown by 21% to Rs.302,681 Cr as on 30th September 2012.
The Bank’s advances
grew 23% YOY to Rs.1,72,132 crores as on 30th September 2012.
Retail advances grew
51% YOY and stood at Rs.44,286 crores as on 30th September 2012. Retail
Advances accounted for 26% of net advances of the Bank as on 30th September
2012 compared to 21% last year.
Investments grew 17%
YOY to reach a level of Rs.99,691 crores as on 30th September 2012 from Rs.85,016
crores last year. Of the Investment book, share of government securities was
63%. Investments in other securities such as corporate bonds, equities,
preference shares, mutual funds etc. accounted for the balance.
Savings Bank Deposits
recorded a healthy growth of 20% YOY to touch Rs.56,189 crores as on 30th September
2012, while Current Accounts deposits grew by 11% to Rs.39,350 crores.
Consequently, CASA deposits grew 16% YOY to Rs.95,538 crores. CASA ratio as on
30th September 2012 stood at 41% of total deposits compared to 39% in the
previous quarter ended 30th June 2012.
During the same
period, Retail Term Deposits grew 39% YOY and now comprise 40% of total Term
Deposits.
CASA plus Retail
Term Deposits constituted 64% of Total Deposits as on 30th September 2012.
Retail Deposits
constituting Savings Bank Deposits and Retail Term Deposits, grew 29% YOY and
stood at Rs.1,12,574 crores as on 30th September 2012.
Capital Adequacy and
Shareholders’ Funds
The shareholders’
funds of the Bank grew 20% YOY and were Rs.25,234 crores as on 30th September
2012.
Capital Adequacy
Ratio (CAR) for the Bank was 12.99% (excluding net profit for H1FY13) as on 30th
September 2012, compared to 11.35% (excluding net profit for H1FY12) as on 30th
September 2011.
The Tier- I capital
adequacy ratio was 8.99% (excluding net profit for H1FY13) as on 30th September
2012, compared to 8.48% (excluding net profit for H1FY12) as on 30th September
2011.
The profit of H1 has
not been reckoned for computation of Tier-I capital, as stipulated by Reserve
Bank of India. If the net profit of Rs.2,277.06 crores for H1FY13 is included,
the total CAR and Tier-I CAR as on 30th September 2012 would have been 13.92%
and 9.92%, respectively.
Asset Quality
As on 30th September
2012, Gross NPAs and Net NPAs stood at 1.10% and 0.33%, respectively as against
1.08% and 0.34%, as on 30th September 2011.
The Bank held a
provision coverage of 80% as on 30th September 2012 (as a proportion of Gross
NPAs including prudential write-offs).
The provision
coverage (as a proportion of Gross NPAs before accumulated write-offs) was 90%.
The Bank
restructured assets aggregating Rs.323 crores during Q2FY13. The cumulative
value of assets restructured till 30th September 2012, stood at Rs.4,068 crores
constituting 2.04% of gross customer assets.
Network
The Bank, at the end
of Q2FY13, had a network of 1,741 domestic branches and extension counters and
10,297 ATMs situated in 1,113 cities and towns, compared to 1,446 domestic
branches and extension counters, and 7,594 ATMs situated in 953 cities and
towns last year.
RESULTS
TABLE (In Crs)
Financial Performance
|
Q2FY13
|
Q2FY12
|
%Growth
|
H1FY13
|
H1FY12
|
%Growth
|
Net Profit
|
1,123.54
|
920.32
|
22.08
|
2,277.06
|
1,862.67
|
22.25
|
EPS-Dilted
|
107.1
|
88.04
|
21.65
|
109.17
|
89.62
|
21.81
|
Net Intt Income
|
2,326.93
|
2,007.26
|
15.93
|
4,506.79
|
3,731.36
|
20.78
|
Other Income
|
1,593.06
|
1,234.92
|
29
|
2,928.57
|
2,402.79
|
21.88
|
Fee Income
|
1,343.16
|
1,120.67
|
19.85
|
2,497.51
|
2,177.62
|
14.69
|
Trading Income
|
207.39
|
27.65
|
650.05
|
357.62
|
97.88
|
265.37
|
Misc.Income
|
42.51
|
86.6
|
-50.91
|
73.44
|
127.29
|
-42.3
|
OperatingRevenue
|
3,919.99
|
3,242.18
|
20.91
|
7,435.36
|
6,134.15
|
21.21
|
Core.Opt.Rev.
|
3,712.60
|
3,214.53
|
15.49
|
7,077.74
|
6,036.27
|
17.25
|
Core.Opt.Exp
|
1,741.73
|
1,466.54
|
18.76
|
3,293.44
|
2,800.03
|
17.62
|
Operating Profit
|
2,178.26
|
1,775.64
|
22.67
|
4,141.92
|
3,334.12
|
24.23
|
Core.Opt.Profit
|
1,970.87
|
1,747.99
|
12.75
|
3,784.30
|
3,236.24
|
16.94
|
Condensed-unconsolidated
B'Sheet
|
||
CAPITAL
|
AND
|
LIABILITIES
|
Sep-12
|
Sep-11
|
|
Capital
|
414.53
|
412.33
|
Reserves& Surplus
|
24,819.42
|
20,577.14
|
Deposits
|
235,619.09
|
194,455.04
|
Borrowings
|
32,832.04
|
26,770.96
|
Otherliab.+Prov
|
8,995.66
|
8,395.76
|
TotalAssets
|
302,680.74
|
250,611.23
|
ASSETS
|
||
Bal.with RBI
|
||
&others
|
19,960.52
|
17,552.11
|
Investments
|
99,690.94
|
85,015.60
|
Advances
|
172,131.57
|
140,089.29
|
Fixed Assets
|
2,274.99
|
2,253.66
|
OtherAssets
|
8,622.72
|
5,700.57
|
Total
|
302,680.74
|
250,611.23
|
* *
* E N D *
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