Axis Bank
The market was pretty happy with the Q3FY15 performance of this private sector bank. It posted an all-round good number – with stable asset quality, high net profit and NII though provisions surged. The bank ended the quarter with a 18% (YoY) rise at Rs.1900 crore. NII rose 20% at Rs.3589 crore and other income also jumped up substantially by 24% at Rs.2039 crore.
In terms of asset quality, it was pretty stable. Gross NPA sequentially was unchanged at 1.34% while Net NPA also remained same at 0.44%. The surge in provisions was huge – up 151% YoY but down 30% sequentially at Rs.507 crore. Recoveries and upgrades were Rs.225 crores and write-offs were Rs.194 crores. The cumulative value of net restructured advances as on stood at Rs.6,808 crore, constituting 2.37% of net customer assets.
During the quarter, the Bank added 53 branches to its network across the country and at the end of 31st December 2014, it had a network of 2,558 domestic branches. Meanwhile, the Board approved raising upto Rs.15,000 crore via bonds and debentures through private placements.