Axis Bank dips on disappointing Q1 results
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Axis Bank was down 4% to Rs 515 in opening deals on the BSE, after the bank reported 21% year on year (YoY) decline in net profit at Rs 1,556 crore for the quarter ended June 30, 2016 (Q1FY17), due to higher provisioning for bad loans. The bank had registered a profit of Rs 1,978 crore in the same quarter last fiscal.
Gross non-performing assets (GNPAs) increased to 2.54% of the total in the quarter ended June, as compared to 1.67% in March quarter. Net NPAs also increased to 1.08%, as compared to 0.70% in the preceding quarter. At the end of June 2015 quarter, gross NPAs and Net NPAs stood at 1.38% and 0.48%, respectively.
The bank’s net interest income (interest earned minus interest expended) decreased 10.2% YoY to Rs 4,517 crore against Rs 4,056 crore in the corresponding quarter of previous year.
“Axis Bank’s results for the quarter remained disappointing with sharp rise in slippages. Though we were expecting provisions to remain high the reported number has been much higher than our expectations,” Angel Broking said in a client note.
At 09:45 AM, the stock was down 1.8% at Rs 528, as compared to 0.13% decline in the S&P BSE Sensex. A combined 4.67 million shares changed hands on the counter on the BSE and NSE so far.
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