April 26, 2017 / 12:07 PM / 3 months ago

BRIEF-Axis Bank March-qtr profit down about 43 pct

2 Min Read

April 26 (Reuters) - Axis Bank Ltd

* March quarter net profit 12.25 billion rupees

* Says recommended dividend of INR 5 per share

* March quarter interest earned 111.68 billion rupees versus 108.99 billion rupees year ago

* March quarter provisions 25.81 billion rupees versus 11.68 billion rupees year ago

* March quarter gross NPA 5.04 percent versus 5.22 percent previous quarter

* March quarter net NPA 2.11 percent versus 2.18 percent previous quarter

* Consensus forecast for march quarter net profit was 9.51 billion rupees

* As on 31st march 2017, fund based outstanding on the bank’s watch list reduced 15% over the previous quarter and stood at 94.36 billion rupees

* Watch list has reduced to 2.2% of customer assets in march 2017, from 2.8% of customer assets in december 2016 and 6.2% as on 31st March 2016

* Says qtrly provision coverage ratio (PCR) improved to 65% from 64% QOQ

* On a cumulative basis for the year ended 31st march 2017, 84% of corporate slippages originated from the watch list

* March quarter NIM 3.83 percent

* During quarter, reduction in watch list primarily represents slippages to NPAs worth INR 35.66 billion, which comprises 83% of total corporate credit slippages.

* March quarter net profit last year was 21.54 billion rupees

* The profit alert was first sourced from TV and later confirmed from a press release off the NSE Source text - (bit.ly/2ovPfe7) Further company coverage:

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