Private sector lender Axis Bank on Thursday reported a growth in net profit at Rs 4,677 crore for the full year ended March 31, 2019, as compared to Rs 276 crore in the last fiscal, helped by loan growth and decline in provisioning for bad loans.
The bank's net interest income (NII), difference between interest earned and interest expended, increased 17 per cent to Rs 21,708 crore in FY19 versus Rs 18,618 crore in the previous year, Axis Bank said in a statement.
Operating profit for FY19 grew 22 per cent year-on-year to Rs 19,005 as compared to Rs 15,594 crore in FY18. Provisions and contingencies declined 22.43 per cent to Rs 12,036.69 crore from Rs 15,518.74 crore in the last year.
The bank's other income rose 20 per cent y-o-y to Rs 13,130 crore for the year ended March 2019.
Axis Bank's asset quality improved in FY19 with gross non-performing assets (NPAs) ratio - bad loans as a percentage of gross advances - declining to 5.26 per cent versus 6.77 per cent in the previous year. Net NPA stood at 2.06 per cent as compared to 3.40 per cent in the corresponding period last year.
As on March 31, 2019, the bank's balance sheet grew 16 per cent to Rs 8,00,997 crore as against Rs 6,91,330 crore on March 31, 2018. The bank's advances grew 13 per cent YoY to Rs 4,94,798 crore, domestic loans climbed 18 per cent while the overseas book de-grew by 29 per cent.
During January-March quarter, the bank reported net profit at Rs 1,505.06 crore. The private lender had posted a loss of Rs 2,188.74 crore in the corresponding period last year. The bank's operating profit grew 37 per cent YoY to Rs 5,014 crore in Q4FY19.
Net interest income rose 21 per cent YoY to Rs 5,706 crore, while net interest margin stood at 3.44 per cent.
The board of the bank has recommended a dividend of Re 1 per equity share on a face value of Rs 2.
As on March 31, 2019, the bank had a network of 4,050 domestic branches and extension counters situated in 2,366 centres compared to 3,703 domestic branches and extension counters situated in 2,163 centres last year.
Meanwhile, shares of Axis bank closed trade at Rs 740.85 apiece, down 1.56 per cent, on the Bombay Stock Exchange on Thursday.
Edited by Chitranjan Kumar