Mumbai, April 26 (IANS) Lending major Axis Bank on Wednesday reported a decline of 43.13 per cent in its net profit for the fourth quarter (Q4) of Fiscal 2016-17.
The company’s net profit decreased to Rs 1,225.10 crore from Rs 2,154.28 crore reported in the fourth quarter of 2015-16.
“The Bank’s net interest income (NII) grew 4 per cent YOY to Rs 4,729 crore during Q4FY17 from Rs 4,553 crore in Q4FY16,” the lender said in a statement.
The other income of the bank rose 12 per cent to Rs 3,013 crore during the January-March 2017 period from Rs 2,694 crore in the corresponding period last year.
Besides, the bank reported a decrease of 55.26 per cent in its net profit for the entire financial year 2016-17 to Rs 3,679.28 crore from Rs 8,223.66 crore reported for 2015-16.
However, its net interest income for the financial year under review increased by 7.49 per cent to Rs 18,093.12 crore from Rs 16,832.97 crore earned during 2015-16.
“As on 31st March, 2017, the bank’s gross NPA (non-performing assets) and net NPA levels were 5.04 per cent and 2.11 per cent respectively, as against 5.22 per cent and 2.18 per cent respectively as on 31st December 2016,” the statement said.
“As on 31st March, 2017, the bank’s provision coverage, as a proportion of gross NPAs including prudential write-offs, improved to 65 per cent, from 64 per cent as on 31st December 2016.”
The lender’s gross NPA stood at Rs 21,280 crore as on March 31, 2017, against Rs 20,467 crore on December 31, 2016.
“During the quarter, additions to gross NPA were Rs 4,811 crore, recoveries and upgrades were Rs 2,804 crore while write-offs during the quarter were Rs 1,194 crore. The bank’s net NPA was Rs 8,627 crore against Rs 8,295 crore as on 31st December 2016,” the statement said.
The company pointed out that its Board of Directors has recommended a dividend of Rs 5 per share of Rs 2 each for the year ended March 31, 2017, which is subject to shareholders’ approval.