AXIS BANK LTD
 |
| SHIKHA SARMA, CEO & MD |
RESULTS FOR Q3 FY 2013
Q/E DEC,2012
AXIS BANK announced Financial Results for the Q/E 31ST December,
2012.
Total Income for Q3 FY 13 stands
at Rs.8580.30 Cr; compared to Rs,8280.29 Cr
in Q2 FY 12 (+3.62%); and Rs.7206.77 Cr in Q3 FY 12 (+19.06%)
Total Expenditure for Q3 FY 13 stands
at Rs.6218.79 Cr; compared to Rs.6102.03 Cr
in Q2 FY 12 (+1.91%); and Rs.5147.57 Cr in Q3 FY 12 (+20.81%)
Profit before Intt,
Dep. & Taxes for Q3 FY 13 stands at Rs.2361.51 Cr;
compared to Rs.2178.26 Cr in Q2 FY 12 (+8.41%);
and Rs.2059.20 Cr in Q3 FY 12 (+14.68%)
Net Profit for Q3 FY 13 stands at Rs.1347.22 Cr; compared
to Rs.1123.54 Cr in Q2 FY 12 (+19.91%);
and Rs.1102.27 Cr in Q3 FY 12 (+22.22%)
Diluted EPS for Q3 FY 13 stands at Rs.31.42; compared
to Rs.27 in Q2 FY 13 (+16.37%); and Rs.26.53 in Q3 FY 12 (+18.43%).
Interest on Advances for Q3 FY 13 stands
at Rs.4906.65 Cr; compared to Rs.4736.27 Cr
in Q2 FY 12 (+3.6%); and Rs.3963.56 Cr in Q3 FY 12 (+23.79%)
Income on Investments for Q3 FY 13
stands at Rs.2014.33 Cr; compared to Rs.1896.60 Cr in Q2 FY 12 (+6.21%); and Rs.1775.23 Cr in Q3
FY 12 (+13.47%)
Income on Balances
With RBI for Q3 FY 13
stands at Rs.24.67 Cr; compared to Rs.22.02 Cr
in Q2 FY 12 (+12.03%); and Rs.15.47 Cr in Q3 FY 12 (+59.47%)
Interest Earned for Q3 FY 13
stands at Rs.6964.93 Cr; compared to Rs.6687.23 Cr in Q2 FY 12 (+4.15%); and Rs.5776.96 Cr in Q3
FY 12 (+20.56%)
Other Income for Q3 FY 13
stands at Rs.1615.37 Cr; compared to Rs.1593.06 Cr in Q2 FY 12 (+1.4%); and Rs.1429.81 Cr in Q3
FY 12 (+12.98%)
Total Income for Q3 FY 13
stands at Rs.8580.30 Cr; compared to Rs.8280.29 Cr in Q2 FY 12 (+3.62%); and Rs.7206.77 Cr in Q3
FY 12 (+19.06%)
Interest Expended for Q3 FY 13
stands at Rs.4470.12 Cr; compared to Rs.4360.30 Cr in Q2 FY 12 (+2.52%); and Rs.3636.66 Cr in Q3
FY 12 (+22.92%)
Employees Cost for Q3 FY 13
stands at Rs.615.05 Cr; compared to Rs.577.90 Cr in Q2 FY 12 (+6.43%); and Rs.542.04 Cr in Q3 FY 12 (+13.47%)
Other Operating
Expenses for Q3 FY 13 stands at Rs.1133.62 Cr; compared to Rs.1163.83
Cr in Q2 FY 12 (-2.6%); and Rs.968.87 Cr
in Q3 FY 12 (+17%)
Operating Expenses for Q3 FY 13 stands
at Rs.1748.67 Cr; compared to Rs.1741.73 Cr
in Q2 FY 12 (+0.4%); and Rs.1510.91 Cr in Q3 FY 12 (+15.74%)
Operating Profit for Q3 FY 13 stands at Rs.2361.51 Cr; compared to Rs.2178.26
Cr in Q2 FY 12 (+8.41%); and Rs.2059.20 Cr
in Q3 FY 12 (+14.68%)
Provisions for Q3 FY 13
stands at Rs.386.83 Cr; compared to Rs.509.42 Cr in Q2 FY 12 (-24.06%); and Rs.422.33 Cr in Q3
FY 12 (-8.41%).
Profit before tax for Q3 FY 13 stands
at Rs.1974.68 Cr; compared to Rs.1668.84 Cr
in Q2 FY 12 (+18.33%); and Rs.1636.87 Cr in Q3 FY 12 (+20.64%).
Tax Expense for Q3 FY 13 stands
at Rs.627.46 Cr; compared to Rs.545.30 Cr
in Q2 FY 12 (+15.07%); and Rs.534.60 Cr in Q3 FY 12 (+17.37%)
Net Profit for Q3 FY 13
stands at Rs.1347.22 Cr; compared to Rs.1123.54 Cr in Q2 FY 12 (+19.91%); and Rs.1102.27 Cr in
Q3 FY 12 (+22.22)
Face Value of Share is Rs.10; Paid-up Equity is Rs.427.16 Cr.
Capital Adequacy
Ratio stands at 13.73% compared to 12.99%
in Q2 FY 13; and 11.78% in Q3 FY 12
Basic EPS for Q3 FY 13 stands at
Rs.31.56; compared to Rs.27.11 in Q2 FY 13; and Rs.26.73 in Q3 FY 12.
The annualized EPWS comes to Rs.31.56 x 4 = Rs.126.24.
Current Price is Rs.1428. The PE Ratio amounts to 11.31 –which
leaves good scope for price appreciation in future.
Gross/Net NPA for
Q3 FY 13 stands at Rs.678.70 Cr; compared to Rs.654.24 Cr in Q2 FY 12 (+3.74%); and Rs.682.93 Cr in Q3
FY 12 (-0.62%).
% of Gross/Net NPA for Q3 FY 13 stands
at 0.33%; compared to 0.33% in Q2 FY 12; and 0.39% in Q3 FY 12.
Return on Assets stands at 1.71% in Q3
FY 13; compared to 1.5% in Q2 FY 13; and 1.68% in Q3 FY 12. Return on Assets is
quite impressive.
Public Holding (%) in the Bank
stands at 55.64%
The Bank has recorded healthy Performance in terms of
growth of Net Interest Income, Fee Income and Operating Revenue for the 9 month
period ended 31st Dec, 2012.
With slower growth in operating expenses, the Operating Profit and Net Profit have also
shown healthy growth. Operating Profit & Net Profit. Operating Profit for 9M FY13 and Q3 FY13 Grew 21% YOY and 15% YOY respectively.
Bank’s Operating Profit for 9M FY13 was Rs.6,503 Cr up
from Rs.5,393 Cr for 9M FY12 . In Q3 FY13, the Operating Profit has risen to Rs.2,362
Cr from Rs.2,059 Cr in Q3 FY12. Consequently, Net Profit for 9M FY13 and Net
Profit for Q3 FY13 and 9M FY13 grows 22 % YOY to Rs.1,347 Cr and Rs.3,624 Cr
respectively
Results at a Glance :
Retail franchise continues to show strong growth
Savings Bank Deposits grow 22% YoY and Retail Term
Deposits by 30%.
Retail Assets increase by 45%, account for 27% of net
advances.
Fee income of Retail Business grows 35%. CASA Deposits
Ratio sustained at 40% of total deposits.
Stable Asset quality with Net NPA at 0.33%.
Capital Adequacy Ratio (including net profit for 9MFY13)
comfortable at 15.17%, and Tier -I Capital at 10.27% (including Net Profit for
9MFY13).
Net Profit for 9M FY13 rose to Rs.3,624 Cr from Rs.2,965 Cr
in 9M FY12 and for Q3 FY13 to Rs.1,347 Cr from `1,102 Cr in Q3 FY12 .
Net Interest Income
and Net Interest Margin
Net Interest Income(NII) rose by 19% YOY to Rs.7,002 Cr
during 9M FY13 from Rs.5,872 Cr
During 9M FY12. NII for Q 3 FY13 was Rs.2,495 Cr against Rs.2,140
Cr in Q3 FY12. The Bank recorded a Net Interest Margin of 3.57% in Q 3 FY13, growing
sequentially by 11basis points over Q2 FY13.
Other Income
Other income for 9M FY13 grew by
19% and stood at Rs.4,544 Cr as compared to
Rs.3,833 Cr during the same period last year.
During the quarter, other income has grown 13% YOY to Rs.1,615
Cr, driven by growth in fee income which stood at Rs.1,405 Cr registering a growth
of 15 % YOY. The main business segments driving fee Growth during the quarter were Retail Banking fees
, which grew 35% YOY followed by SME fees, which grew 34% YOY. Treasury fees
grew 18% YOY in the quarter.
Trading Profits of the Bank were Rs.159 Cr during Q3 FY 13.
Balance Sheet: As on 31st
December 2012
Balance Sheet has grown by 18% to Rs.3,18,942 as on 31st
December 2012. The Bank’s advances grew 21% YOY to Rs.1,79,504 Cr as on 31st
December, 2012.
Retail advances grew 45% YOY and stood at Rs.48,068 Cr as
on 31st December 2012. Retail Advances accounted for 27% of net advances
of the Bank as on 31st December 2012 compared to 22% last year.
Investments grew 12% YOY to reach a level of Rs.1,00,912 Cr as on 31st December 2012
from `90,263 Cr last year. Of the Investment book, share of government
securities was 60 %. 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 2 2%
YOY to touch Rs.57,521 Cr as on 31st December 2012 and underpinned
growth in CASA deposits which grew 13% YOY to Rs.97,757 Cr. CASA ratio as on 31st December 2012
stood at 40 % of total deposits. During the same period, Retail Term Deposit s
grew 30% YOY and now comprise 39 % of total Term Deposits. CASA plus Retail
Term Deposits constituted 64% of Total Deposits as on 31st December 2012.
Retail Deposits constituting Savings Bank Deposits and Retail Term Deposits,
grew 26% YOY and stood at Rs.1,15,322 Cr as on 31 st December 2012 .
Capital Adequacy and
Shareholders’ Funds
The shareholders’ funds of the Bank grew 22 % YOY and stood
at `27,027 Cr as on 31st December, 2012 .
Capital Adequacy Ratio (CAR) was 13.73% (excluding net
profit for 9M FY13) as on 31st December 2012, compared to 11 .78 % (excluding
net profit for 9M FY12) as on 31st December 2011. The Tier – I capital
adequacy ratio was 8.83% (excluding net profit for 9M FY13) as on 31st
December 2012, compared to 8.25% (excluding net profit for 9M FY12) as on 31st
December 2011. The profit for nine months has not been reckoned for computation
of Tier -I capital, as stipulated by RBI. If the net profit of `3,624 Cr for 9M
FY13 is included, the total CAR and Tier - I CAR as on 31st December
2012 would have been 15.17 % and 10.27%, respectively.
Asset Quality As on
31st Dec ember 2012 :
Gross NPAs and Net NPAs stood at 1.10% and 0.33%, as
against 1.10% & 0.39% as on 31st December 2011. The Bank held a
provision coverage of 81% as on 31st December 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.368 Cr during Q3 FY13. The cumulative value
of assets restructured till 31st Dec, 2012, stood at Rs.4,257 Cr constituting
2.06 % of gross customer assets.
Network During Q3FY13
,
The Bank added 46 branches and 66 ATMs to its network across
the country and at the end of 31 st December 2012 , had a network of 1,787 domestic
branches and extension counters and 10,363 ATMs situated in 1,139 cities and
towns , compared to 1,493 domestic branches and extension counters, and 8,324
ATMs situated in 971cities and towns last year.
AXIS BANK
|
31-Dec-12
|
30-Sep-12
|
QOQ % DIF
|
31-Dec-11
|
YOY %DIF
|
Total Income
|
858030
|
828029
|
3.62
|
720677
|
19.06
|
Total Expenditure
|
621879
|
610203
|
1.91
|
514757
|
20.81
|
Profit before Intt, Dep.
& Taxes
|
236151
|
217826
|
8.41
|
205920
|
14.68
|
Net Profit
|
134722
|
112354
|
19.91
|
110227
|
22.22
|
Diluted EPS
|
31.42
|
27
|
16.37
|
26.53
|
18.43
|
Interest on Advances
|
490665
|
473627
|
3.6
|
396356
|
23.79
|
Income on Investments
|
201433
|
189660
|
6.21
|
177523
|
13.47
|
Income on Balances With
RBI
|
2467
|
2202
|
12.03
|
1547
|
59.47
|
Others
|
1928
|
3234
|
-40.38
|
2270
|
-15.07
|
Interest Earned
|
696493
|
668723
|
4.15
|
577696
|
20.56
|
Other Income
|
161537
|
159306
|
1.4
|
142981
|
12.98
|
Total Income
|
858030
|
828029
|
3.62
|
720677
|
19.06
|
Interest Expended
|
447012
|
436030
|
2.52
|
363666
|
22.92
|
Employees Cost
|
61505
|
57790
|
6.43
|
54204
|
13.47
|
Other Operating Expenses
|
113362
|
116383
|
-2.6
|
96887
|
17
|
Operating Expenses
|
174867
|
174173
|
0.4
|
151091
|
15.74
|
Operating Profit
|
236151
|
217826
|
8.41
|
205920
|
14.68
|
Provisions
|
38683
|
50942
|
-24.06
|
42233
|
-8.41
|
Profit before tax
|
197468
|
166884
|
18.33
|
163687
|
20.64
|
Tax Expense
|
62746
|
54530
|
15.07
|
53460
|
17.37
|
Net Profit
|
134722
|
112354
|
19.91
|
110227
|
22.22
|
Face Value of Share (in )
|
10
|
10
|
0
|
10
|
0
|
Paid-up Equity
|
42716
|
41453
|
3.05
|
41257
|
3.54
|
Capital Adequacy Ratio
|
13.73
|
12.99
|
5.7
|
11.78
|
16.55
|
Basic EPS
|
31.56
|
27.11
|
16.41
|
26.73
|
18.07
|
Diluted EPS
|
31.42
|
27
|
16.37
|
26.53
|
18.43
|
Gross/Net NPA
|
67870
|
65424
|
3.74
|
68293
|
-0.62
|
% of Gross/Net NPA
|
0.33
|
0.33
|
0
|
0.39
|
-15.38
|
Return on Assets
|
1.71
|
1.5
|
14
|
1.68
|
1.79
|
Public Holding (%)
|
55.64
|
53.8
|
3.42
|
53.63
|
3.75
|
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