Axis Bank ups borrowing limit to Rs 2 lakh crore

Axis Bank ups borrowing limit to Rs 2 lakh crore

Axis Bank ups borrowing limit to Rs 2 lakh crore

Axis reported a Rs 2,189-crore loss in the March quarter as Rs 16,500 crore of fresh bad loans rocked the boat surprising everyone in the market.

For the full year, net profit rose 42.38% to Rs 635.09 crore in the year ended March 2018 as against Rs 446.05 crore during the previous year ended March 2017.

The net interest income for the quarter remained unchanged for the quarter at Rs. 4,731 crore in Q4FY17 vs Rs. 4,731 crore in Q3FY18 and Rs. 4,729 crore in Q4FY17.

"The financial results this quarter are a reflection of the bank's desire to accelerate non-performing assets recognition, and we have taken a very conservative view of the recent regulatory changes and have executed all the necessary NPA regulations", said Sharma. Total Operating Income rose 21.39% to Rs 4507.57 crore in the year ended March 2018 as against Rs 3713.16 crore during the previous year ended March 2017. Net interest margin for Q4FY18 stood at 3.33 per cent.

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.

Speaking to reporters on a conference call, Jairam Sridharan, chief financial officer at Axis Bank, said, "It's our only quarterly loss to date".

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Total income during the fiscal increased to Rs 56,747.40 crore, from Rs 56,233.47 crore.

The overall provisions increased to Rs 399 crore from Rs 309 crore and Kapoor said the bank is targeting to trim down credit cost to 0.50-0.70 per cent range for the fiscal 2019 from 0.76 per cent recorded in FY18.

"With this accelerated recognition, we believe the NPA recognition phase of this credit cycle is now almost complete and the focus shifts to resolution", she said. In July 2017, Sharma was recommended for a three-year reappointment by the bank's board, effective from July 2018. "Many analysts at leading brokerages seem to believe that the worst is over for Axis Bank and expect the bank to step up stressed loan recovery after recognizing the stressed assets this quarter".

According to reports, the RBI may have been upset with the wide divergence in asset quality reporting by Axis Bank, spiralling bad loans, violations of know-your-customer norms during demonetisation.

Investors lapped up the yes Bank counter with the scrip rallying 8.26 per cent to Rs 352.05 on the BSE as against gains of 0.62 per cent on the benchmark.

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