Wednesday, April 24, 2013
AXIS BANK - RESULTS FOR - Q4 FY 13 - FY 2013 - NET PROFIT UP 22% YoY - NET NPA AT 0.32% - VERY GOOD GROWTH
RESULTS FOR Q4 FY 2012-13
& FY 2012-13
Results at a Glance
Ø Net Profit for Q4 FY13 and FY13 grew 22% YOY to Rs.1,555 crores and Rs.5,179 crores respectively
Ø Retail franchise continues to show strong growth in Q4FY13
Ø Savings Bank Deposits grew 23% YOY and Retail Term Deposits 24% YOY
Ø CASA and Retail Term Deposits now constituted 68% of Total Deposits
Ø Daily Average CASA for Q4 FY13 constituted 37% of Total Deposits
Ø Retail Assets increased by 44% YOY , accounted for 27 % of net advances
Ø Retail Fee income grew 32 % YOY
Ø Stable Asset Quality with Net NPA at 0.32%
Ø Bank is well capitalised with Equity capital of Rs.5,537 crores raised during the quarter.
Ø Well positioned for Growth with a healthy Capital Adequacy Ratio of 17.00%, and Tier -I CAR at 12.23%.
Ø Earnings Per Share : For the Q4, FY 13, it is Rs.34.29 (34.19 diluted);against Rs.31.56 in Q3 FY 13 (31.42 dil); and Rs.30.94 (30.75 Dil) in Q4 FY 12; The annual EPS stands at 119.67 (118.85 Dil) in FY 12-13; against Rs.102.94 (Rs.102.20 Dil) in FY 2012. The Consolidated EPS for FY 13 stands at 120.95 (Rs.120.12 Dil); against Rs. 102.40 (Rs.101.66 Dil)
Ø Current Market Price is Rs.1444.80 per share. On the consolidated EPS, the PE Ratio works out to 11.945.The PE Ratio on last year earnings is reasonably LOW and permits good appreciation in future. The expected Rate Cut by RBI is a Plus for all Private Banks.
Operating Profit & Net Profit
Ø The Bank’s Operating Profit for FY13 and Q4 FY13 grew 25% YOY and 37% YOY respectively.
Ø The Bank’s Operating Profit for FY13 was Rs.9,303 crores up from Rs.7,431 crores for FY12.
Ø In Q4 FY13, the Operating Profit has risen to Rs.2,800 crores from Rs.2,038 crores in Q4FY12.
Ø Consequently, Net Profit for FY13 and Q4 FY13 have both registered a growth of 22% YOY. Net Profit for FY13 rose to Rs.5,179 crores from Rs.4,242 crores in FY12 and for Q4 FY13 to Rs.1,555 crores from Rs.1,277crores in Q4 FY12.
Net Interest Income and Net Interest Margin
Ø The Bank’s Net Interest Income (NII) rose by 21% YOY to Rs.9,666 crores during FY13 from Rs.8,018 crores during FY12.
Ø NII for Q4FY13 was Rs.2,665 crores against Rs.2,146 crores in Q4 FY12. The Bank recorded a Net Interest Margin of 3.70% in Q4FY13, growing sequentially by 13 basis points over Q3FY13.
Ø Other Income comprising fees, trading profit and miscellaneous income grew 21% in FY13 and stood at Rs.6,551 crores as compared to Rs.5,420 crores during the same period last year.
Ø During FY13, fee income grew 17% to Rs.5,521 crores while trading profit grew 109% to Rs.755 Crores. During Q4FY13, Other Income grew 26% YOY to Rs.2,007 crores, driven by fee
Ø Income which stood at Rs.1,618 crores registering a growth of 22% YOY and a higher trading income which grew 63% YOY to Rs.238 crores.
Ø The main business segments driving fee growth during the quarter were Treasury and DCM, which grew 41% YOY, followed by Retail Banking ,which grew 32% YOY.
Balance Sheet: As on 31st March 2013
Ø The Bank’s Balance Sheet has grown 19% to Rs.3,40,561 Crores as on 31st March 2013.
Ø The Bank’s Advances grew 16% YOY to Rs.1,96,966 crores as on 31st March2013.
Ø Retail advances grew 44% YOY to Rs.53,960crores as on 31st March 2013, and accounted for 27% of net advances of the Bank compared to 22% last year.
Ø SME segment too recorded healthy growth of 26% YOY and stood at Rs.29,922 crores.
Ø Investments grew 22% YOY to reach a level of Rs.1,13,738 crores as on 31st March 2013 From Rs.93,192 crores last year. Of the Investment book, share of government securities was 64%. Investments in other securities such as corporate bonds, equities, preference shares, mutual funds etc accounted for the balance.
Ø Savings Bank Deposits recorded a healthy growth of 23% YOY to reach Rs.63,778 crores as on 31st March 2013 and Current Account deposits grew 22% and stood at Rs.48,322 crores.
Ø During the year, CASA grew 23%. On a daily average basis, CASA grew 14% YOY and constituted 36% of total deposits.
Ø During the same period, Retail Term Deposits grew 24% YOY and now comprise 42% of Total Term Deposits.
Ø CASA plus Retail Term Deposits constituted 68% of Total Deposits as on 31st March 2013.
Ø Retail Deposits constituting Savings Bank Deposits and Retail Term Deposits, grew 24% YOY and stood at Rs.1,23,308 crores as on 31st March 2013.
Ø During the quarter, the Bank raised equity capital through a QIP and a preferential allotment to promoters aggregating Rs.5,537 crores to support future growth.
Ø The shareholders’ funds of the Bank grew 45% YOY and stood at Rs.33,108crores as on 31st March, 2013.
Ø The Bank is well capitalised and maintained a healthy Capital Adequacy Ratio (CAR) of 17.00% as on 31st March 2013. The Tier-I Capital Adequacy Ratio was 12.23% as on 31st March 2013, compared to 9.45% as on 31st March 2012.
The Board of Directors have proposed a dividend of Rs.18 per share.
Ø As on 31st March 2013, Gross NPAs and Net NPAs stood at 1.06% and 0.32%,as against 1.10% &0.33% respectively as on 31st December 2012. The Bank held a provision Coverage of 79% as on 31st March 2013 (as a proportion of Gross NPAs including prudential write -offs).
Ø The provision coverage (as a proportion of Gross NPAs before accumulated write-offs) was 89%. The Bank restructured assets aggregating Rs.791crores during Q4 FY13. The cumulative value of assets restructured till 31st March 2013, stood at Rs.4,368 crores Constituting 1.94 % of gross customer assets.
Ø Network During Q4FY13,the Bank added 160 branches and 882 ATMs to its network across the country and at the end of 31st March 2013, had a network of 1,947 domestic branches and extension counters and 11,245 ATMs situated in 1,263 cities and towns , compared to 1,622 domestic branches and extension counters, and 9,924 ATMs situated in 1,050 cities and towns last year.
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