Axis Bank reports Rs 2189 cr loss as provisions rise 3-fold

Yes Bank fourth-quarter profit rises 29 percent

Private lender Bandhan Bank has reported a 20.3 per cent increase in net profit at Rs 388 crore for the last quarter of 2017-18 fiscal on the back of healthy interest as well as non-interest income.

SHARES of Axis Bank on Friday rose almost 6 per cent even as the company reported a net loss of Rs 2,188.74 crore for the quarter ended March 31, 2018. Its net interest income growth was flat in the quarter, and rose 3 per cent for the full year leading to a net interest margin of 3.44 per cent.

The total income of the bank during the quarter was at Rs 14,500 crore, higher than the Rs 14,181 crore it earned in the financial year 2016-17.

Lending major Axis Bank on Thursday reported its first net loss since 1998 due to a rise in NPA provisioning.

On the asset quality front, the gross non-performing assets ratio narrowed to 1.28 per cent 1.72 per cent.

In absolute value, gross NPAs stood at Rs 373.14 crore compared with Rs 86.26 crore. As on 31 March 2018, the bank's Gross NPA stood at Rs 34,249 crore and Net NPA stood at Rs 16,592 crore.

Even though it is well-capitalised with an overall buffer of over 18 per cent, the bank board has chose to raise up to Dollars 1 billion in core equity, Kapoor said, adding it may consider raising the money by the end of the FY19 if it sees some opportunities for its use.

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The company has posted net profit of Rs.(2188.74) crores for the period ended March 31, 2018 as against Rs.1225.10 crores for the period ended March 31, 2017.

Chief Financial Officer Jairam Sridharan made it clear that the bank would stay away from project loans. Other income was up 32 per cent to Rs 311.98 crore.

"Dismal asset quality (multi-fold rise in slippages) took the sheen off of an otherwise operationally steady Q4FY18 (nearly 18 per cent loan growth and sustained momentum in retail franchise), thereby resulting in a loss".

It was successful to increase its provision coverage ratio by 5 percentage points in a single quarter to 58 and exuded confidence of breaching the 60-percent mark in the next six months.

"One area where we have been disappointed with our performance has been credit risk".

The bank reported credit cost of 0.94 per cent for the year and Ahuja exuded confidence that it will improve further going ahead. The watch list of the bank was reduced by 92% to Rs 498 crore.

At this target price, Axis Bank stock would trade at 2.2 times book and 14 times March 2020E EPS for RoEs in the range of 13-14 per cent. The stock ended at Rs 539 on BSE, up 8.98 per cent.

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