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Wednesday, April 29, 2015

Axis Bank profit climbs 18% to Rs. 2,180 cr in Q4

Axis Bank, the country’s third largest private bank, reported an 18% rise in net profit for the fourth quarter ended March 31, 2015, at Rs. 2,180 crore.

The profit was at Rs. 1,842 crore a year ago.

Net interest income (difference between interest earned and expended) increased 20% to Rs. 3,799 crore as compared with Rs. 3,165.75 crore in the March quarter last year.

Other income rose 21% to Rs. 2,687 crore as against Rs. 2,213 crore in Q4FY14.

Gross non-performing assets (NPAs) as a percentage of total loans increased to 1.34% as on March end, 2015 as compared with 1.22 per cent as on March end, 2014.

Net NPAs also increased to 0.44% from 0.40%.

Dividend


The board of directors of the bank has recommended the payment of dividend of Rs. 4.60 per equity share.

The board also approved the proposal to seek enabling approval of shareholders for increase in the foreign Investment cap in the bank from 62% to 74% of its paid up equity capital of the Bank.

In addition, the board approved Sponsored Level 1 Depositary Receipt (DR) issuance programme of up to Rs. 14.2 crore DRs, with conversion of 5 equity shares to 1 DR.

Axis Bank shares closed higher at Rs. 552.90 per share, up by Rs. 17.65 (3.30%) over the previous close.


Source : Thehindubusinessline

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