Axis Bank results fail to impress in Q1FY17

Axis Bank post market hours on July 22 has declared its Q1FY17 results. The bank has posted a timid result in this quarter. Bad loans have been the major reason for such devastating results in this quarter.Bank has reported a net profit of Rs 1560 crore in Q1FY17, which has declined by 21 per cent as compared to Q1FY15. Net Interest Income stands at Rs 4517 crores which has declined by 4.79 per cent. Gross NPA stands at 2.54 per cent v/s 1.67 per cent of Q4FY16.Washlist loan has reduced by 10 per cent in June 2016. Net NPA stands at 1.08 per cent v/s 0.70 per cent on a QoQ.

In Q4FY16, net profits had fallen by 1.22 per cent to Rs 2,154.28 crore from Rs 2,180.59 as compared to Q4FY15. Absolute gross non-performing assets were at Rs 6,087.51 crore at the end Q4FY16 from Rs 5,724 crore at the end of the Q3FY16.

The stock may witness a significant movement on July 25. The scrip on July 22 closed at Rs 537.55, marginally down by 0.13 per cent. In the last 5 days the shares have plunged by over 6 per cent. However, in the last 3 months, the shares have given a return of 1 per cent.

Axis Bank Ltd., is an Indian private bank. The bank is engaged in retail banking, personal banking, corporate banking, treasury and many other banking related services. The bank presently has a network of more than 1281 branches and over 6270 ATMs all over India.