Axis Bank posts first loss at Rs 2188 cr on higher NPAs

YES Bank stock closes 10% higher after Q4 net profit rises 29

The lender's watchlist reduced to 0.1 percent of its total loan book from 1.3 percent the previous quarter and 2.5 percent the last financial year. This is the private sector lender's maiden quarterly loss since its incorporation in 1993. This was largely due to muted interest income in Q4FY18 at Rs. 11,771 crore and Rs. 11,168 crore in Q4FY17.

Mumbai, Apr 26 Midsize private sector lender Yes Bank today reported a 29 per cent surge in March quarter net at Rs 1,179 crore bolstered by high loan growth and a dip in dud loans which boosted its core interest income.

In absolute value, gross NPAs stood at Rs 373.14 crore compared with Rs 86.26 crore. This despite stable net profit growth at 20 percent for the fourth quarter ending March 2018.

Corporate lending slippages stood at Rs 13,938 crore. Total Operating Income rose 23.97% to Rs 1222.71 crore in the quarter ended March 2018 as against Rs 986.32 crore during the previous quarter ended March 2017. Investors reacted positively to the remarks by the outgoing CEO Shika Sharma that the recognition of bad loans in this cycle is "nearly complete".

After making mandatory appropriations to Statutory Reserve, Investment Reserve and Capital Reserve, no profits are available for distribution as dividend for the financial year ended 31 March 2018, the bank said while announcing its results.

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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.

As per Ghosh, the bank is targeting to "minimise" its bad loans ratio and relying more on tracking the daily on-time repayment rate (OTR) to achieve the goal and deploying more field force.

The poor performance in the March quarter coupled with uncertainty at top management will cap Axis Bank valuations in near to medium term, analysts said. The divergence between what the bank reported and what the RBI auditors found were to the tune of Rs 4,867 crore in 2016-17 and Rs 9,478 crore for 2015-16.

During the year ended March 31, 2018, the bank successfully raised capital of Rs 3,662 crore through initial public offer by issuing 97,663,910 equity shares, Bandhan Bank said. The stock was the biggest gainer on both Sensex and Nifty. Shares of Axis Bank were among the top 10 losers among the components of BSE Sensex and NSE Nifty on Thursday.

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