Axis Bank posts poor Q3FY17 numbers

Axis Bank posted poor set of numbers for Q3FY17. While the topline showed a slight increase, its net profit fell sharply.

A higher provisioning (increase of 432.4 per cent) by the bank resulted in a large reduction in net profit, which came in at Rs 580 crore, registering a sharp decline of 73-odd per cent. Its standalone NII stood at Rs 4334 crore, an increase of 4.1 per cent YoY)

The bank's advances increased 10 per cent YoY during the quarter while deposits also increased 10 per cent, with CASA growth of 21 per cent YoY. The Gross NPAs as a proportion of advances made stood at 5.22 per cent and provision coverage ratio (PCR) was 64 per cent. The resultant return on equity (RoE) for the quarter stood at 4.44 per cent.

Axis Bank Ltd is India’s third largest private sector 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.