Axis Bank net up 18 pc at Rs 1,842 cr, proposes share split

Axis Bank today reported a 18 per cent jump in profit at Rs 1,842 crore for the fourth quarter ended March 2014.

The country's third largest private sector lender had posted a post-tax net of Rs 1,555 crore during the corresponding quarter of 2012-13.

During the quarter, total income increased to Rs 10,178.63 crore as compared to Rs 9,054.72 crore in the same period of earlier fiscal.

The bank's net interest income (NII) rose by 19 per cent to Rs 3,166 crore from Rs 2,665 crore in the same period of the previous fiscal, Axis Bank said in a statement.

The bank's Net Interest Margin widened to 3.89 per cent at the end of March as compared to 3.70 per cent in the same period of 2012-13.

The board approved split of share. Accordingly, one equity share of the bank having a face value of Rs 10 each would be sub-divided into five equity shares of face value of Rs 2 each.

At the same time, the board recommended an enhanced dividend of 200 per cent (or Rs 20) for the year ended March 2014, against 180 per cent (Rs 18) for the previous year.

For the entire fiscal ended March, 2014, the bank's net profit grew by 20.05 per cent at Rs 6,217.67 crore, compared to Rs 5,179.43 crore during 2012-13.

The bank for the first time reported over a billion dollar in net profit, it said.

Total income increased to Rs 38,046.38 crore during the year, compared to Rs 33,733.68 crore in the earlier fiscal.

The Capital Adequacy Ratio (CAR) of the bank as on March 31, 2014 under Basel III was at 16.07 per cent.

Gross non-performing assets (NPAs), as a proportion of advances, rose to 1.22 per cent at the end of March 2014, as against 1.06 per cent in the previous fiscal. Net NPAs also rose to 0.40 per cent during the year from 0.32 per cent at the end of March 2013.

Shares of the bank closed at Rs 1,534.45 per share of face value Rs 10, up 1.10 per cent on the BSE.

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