Axis Bank's Q3 net profit drops by 73%; bad loans rise

Sterlite Tech posts 63% jump in Q3 net profit to Rs 49 crore

Axis Bank Ltd's fiscal third quarter net profit fell 73.3% on-year to Rs 579.6 crore, amid rising NPAs and falling margins.

Yes Bank today posted a 30.6 per cent rise in net profit at Rs 882.63 crore for the third quarter ended December 2016, on lower provisions for bad loans and higher interest income. During the three-month period, loans were at Rs 19,714 crore versus Rs 20,253 crore a quarter earlier.

Its total expenditure was up 27.03% at Rs 3,776.15 crore versus Rs 2,972.49 crore in December-end quarter previous year.

Pre-taxed gains from treasury operations surged almost five times to Rs 106 crore from Rs 23 crore a year earlier, a move suggesting that the bank seems to have booked profits from its debt investments amid falling bond yields in the past one year. Operating profit for the bank increased 16.4 percent year-on-year to Rs 4,640.2 crore.

Other income (comprising fee, trading profit and miscellaneous income) rose to Rs 3,400 crore as against Rs 2,338 crore during the same period a year ago.

Also, Axis Bank's watch list loans reduced to 2.8% of customer assets in December 2016, from 3.5% in Sept 2016 and 6.2% at beginning of current financial year 2016-17, it said.

The Bank's Gross NPA (Non Performing Assets) and Net NPA rose to 5.22% and 2.18% respectively in Q3FY17.
Net interest income (NII) - the difference between what the bank earns on its loans minus what it has to pay out as interest on its deposits - increased 14.1% to Rs 190.62 crore from Rs 167.07 crore previous year.

Yes Bank's stock ended flat at Rs 1,347.15 on BSE after the earnings.

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