AXIS BANK Announces Quarterly Results (3QFY20); Net Profit Up 4.5%

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AXIS BANK Announces Quarterly Results (3QFY20); Net Profit Up 4.5%
Fri, 24 Jan

AXIS BANK has announced its results for the quarter ended December 2019. Here is a detailed performance review of the same:

AXIS BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-18*
3
Sep-19*
3
Dec-19*
QoQ ChangeYoY Change
Operating incomeRs m141,297154,378157,0831.8%11.2%
Other incomeRs m40,00738,95837,866-2.8%-5.4%
Total revenuesRs m181,304193,336194,9490.8%7.5%
InterestRs m85,26193,36092,553-0.9%8.6%
Gross Profit Rs m56,03761,01864,5305.8%15.2%
Other expensesRs m40,79740,46044,96911.1%10.2%
Profit before taxRs m24,70124,33222,718-6.6%-8.0%
TaxRs m7,89325,4535,148-79.8%-34.8%
Profit after taxRs m16,809-1,12117,5704.5%
Gross profit margin %39.739.541.1
Effective tax rate%32.0104.622.7
Net profit margin%11.9-0.711.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The bank's operating income (interest earned) during the quarter grew 11.2% on a year-on-year (YoY) basis. The interest expended was up by 8.6% YoY during the same period.
  • The bank's operating profit increased by 15.2% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 41.1% in 3QFY20 as against 39.7% in 3QFY19.
  • Other income declined by 5.4% YoY during the quarter.
  • Net profit for the quarter increased by 4.5% YoY. Net profit margins during the quarter declined from 11.9% in 3QFY19 to 11.2% in 3QFY20.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 1.8% on a quarter-on-quarter (QoQ) basis. The interest expended was down by 0.9% QoQ during the same period.
  • The bank's operating profit increased by 5.8% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 41.1% in 3QFY20 as against 39.5% in 2QFY19.
  • Net profit for the quarter increased by 1667.6% QoQ, while net profit margins increased from -0.7% in 2QFY19 to 11.2% in 3QFY20.

To see how AXIS BANK has performed over the last eight quarters,please visit here.

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AXIS BANK Share Price Performance

Over the last one year,AXIS BANK share price has moved up from Rs 664.0 to Rs 726.4, registering a Gain of Rs 62.4 or around 9.4%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 35,484.4 (up 0.4%). Over the last one year it has moved up from 30,570.5 to 35,484.4, a gain of 4,914 points (up 16.1%).

Overall, the S&P BSE SENSEX is up 14.9% over the year.

Current Valuations

At the current price of Rs 726.4, the price to earnings (P/E) ratio of AXIS BANK stands at 38.4 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 2.6 times.

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For the quarter ended June 2020, AXIS BANK has posted a net profit of Rs 11 bn (down 18.8% YoY). Sales on the other hand came in at Rs 165 bn (up 8.4% YoY). Read on for a complete analysis of AXIS BANK's quarterly results.

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