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Axis Bank sees 12.2% jump in fiscal-year net profit

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Axis Bank sees 12.2% jump in fiscal-year net profit

Axis Bank Ltd.reported a 12.2% year-over-year rise in net profit for the fiscal year ended March31.

The company's fiscal-year consolidated net profit came to 83.50billion Indian rupees, or 34.93 rupees per share, up from 74.48 billion rupees,or 31.23 rupees per share, in the prior-yearperiod.

Interest earned for the full year totaled 414.09 billion rupees,up from 357.27 billion rupees in the year prior. Income on investments rose yearover year to 94.26 billion rupees from 84.76 billion rupees.

Total income for the year amounted to 513.64 billion rupees,compared with 445.66 billion rupees in the prior year. Operating profit rose yearover year to 164.09 billion rupees, from 136.14 billion rupees.

Net provisions and contingencies totaled 37.19 billion rupeesfor the full year, up from 23.31 billion rupees in the year prior.

Axis Bank reported stand-alone fiscal fourth-quarter net profitof 21.54 billion rupees, or 9.01 rupees per share, down 1.21% year over year from21.81 billion rupees, or 9.13 rupees per share.

The bank's gross nonperforming asset ratio was 1.67% as of March31, up from 1.34% as of March 31, 2015. Its net NPA ratio for the period was 0.70%,up from 0.44% in a year earlier.

As of the end of March, the bank's capital adequacy ratio underBasel III was 15.29%, compared with 15.09% as of March 31, 2015.

The company's board recommended a dividend of 5 rupees per sharefor the fiscal year ended March 31, up from the prior year's dividend of 4.60 rupeesper share.

As of April 26, US$1 wasequivalent to 66.48 Indian rupees.