Shares of Axis Bank have slumped by over 6% in opening trades after
announcing quarterly earning post market hours on Tuesday. The stock
opened at Rs 488 hit an intraday high of Rs 489 and an intraday low of
Rs 482. Total traded volumes were approx 0.35mn shares.
The quarterly results missed street estimates as NII for the quarter was 4.5% below street estimates of Rs.4741 crore. Also, net profit for the quarter was almost 66% down from street estimates of Rs.1298 crore.
NII for the quarter remained flat at Rs.4539 crore vs Rs.4513 crore in previous year corresponding quarter. This was largely due to muted interest income growth to Rs.11235 crore vs Rs.11159 crore in Q2FY18.
Asset quality of the bank deteriorated further as GNPA’s for the quarter rose by almost 67% yoy to Rs 27402 crore. As a percentage to total advances, GNPA’s for the quarter rose by 173 bps to 5.9% vs 4.17% in Q2FY17. While Net NPA’s also increased by 110 bps to 3.12% vs 2.02% in Q2FY17.
Further, provisions for the quarter declined by 13.3% yoy to Rs.3140 crore in Q2FY18 vs Rs.3622 crore in Q2FY17. Net profit for the quarter rose by 35% yoy to Rs.432 crore vs Rs.318 crore in Q2FY17.
The quarterly results missed street estimates as NII for the quarter was 4.5% below street estimates of Rs.4741 crore. Also, net profit for the quarter was almost 66% down from street estimates of Rs.1298 crore.
NII for the quarter remained flat at Rs.4539 crore vs Rs.4513 crore in previous year corresponding quarter. This was largely due to muted interest income growth to Rs.11235 crore vs Rs.11159 crore in Q2FY18.
Asset quality of the bank deteriorated further as GNPA’s for the quarter rose by almost 67% yoy to Rs 27402 crore. As a percentage to total advances, GNPA’s for the quarter rose by 173 bps to 5.9% vs 4.17% in Q2FY17. While Net NPA’s also increased by 110 bps to 3.12% vs 2.02% in Q2FY17.
Further, provisions for the quarter declined by 13.3% yoy to Rs.3140 crore in Q2FY18 vs Rs.3622 crore in Q2FY17. Net profit for the quarter rose by 35% yoy to Rs.432 crore vs Rs.318 crore in Q2FY17.
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