Axis Bank turns losses into profit in Q4FY19, PAT at Rs 1,505.06 crore

Axis Bank in its March 2019(Q4FY19) quarter, witnessed net profit declining by 10.45% to Rs 1,505.06 crore compared to net profit of Rs 1,680.85 crore in Q3FY19. However, Q4FY19 PAT remains positive as against net loss of Rs 2,188.74 crore posted a year ago same period. Similarly, net interest income (NII) was at Rs 5,705.59 crore in the latest quarter versus loss of Rs 2,788.66 crore in Q4FY18. On quarterly basis, NII jumped sequentially by 1.81% from Rs 5,603.67 crore in Q3FY19. 

Major drops were seen in provisions and gross non-performing assets (GNPA) of Axis Bank in Q4FY19. 

In the quarter, Axis Bank's provisions declined by a massive 62.23% to Rs 2,711.43 crore versus Rs 7,179.53 crore in Q4FY18. Also down by 11.23% from provisions of Rs 3,054.51 crore in Q3FY19.

Gross NPA tumbled by 13% to Rs 29,789.44 crore in Q4FY19, from Rs 34,248.64 crore in Q4FY18. Gradual plunge of 3.45% was seen as against Rs 3,085.67 crore in Q3FY19. In percentage terms, the bank's GNPA stands at 5.26% in Q4FY19 versus 5.75% in Q3FY19 and 6.77% in Q4FY18. 

In a board meeting held on Thursday, the bank recommended dividend of Rs 1 per equity share of face value of Rs 2 per equity share for the year ended 31st March 2019. This would be subject to approval by the shareholders at the next annual general meeting.

On BSE, the shares ended at Rs 744.45 per piece down by Rs 8.15 or 1.08%. However, the bank also touched an intraday high and low of Rs 758.70 per piece and Rs 737.60 per piece respectively.