Axis Bank posts weak Q2FY17 numbers
Axis Bank has declared its Q2FY17 results on Tuesday after market hours. The bank’s Net Interest Income (NII) has grown by 11 per cent to Rs 4514 crore in Q2FY17 on a yearly basis. Its Net interest margin for Q2FY17 stands at 3.64 per cent. Axis Bank’s operating profit has grown by 13 per cent to Rs 4100 crore in Q2FY17 as compared to same period in previous fiscal. The bank’s net profit has decreased by 83 per cent to Rs 319 crore in Q2FY17 on a yearly basis.
On half yearly front, the bank’s NII for H1FY17 also rose 11 per cent to Rs 9031 crore in Q2FY17 as compared to same period in previous financial year. The bank’s operating profit rose by 11 per cent to Rs 8570 crore in H1FY17 on yearly basis. Its net profit contracted by 52 per cent to Rs 1875 crore in H1FY17 as compared to same period in previous financial year.
Axis Bank’s Gross NPA and Net NPA levels were 4.17 per cent and 2.02 per cent respectively in Q2FY17 against 2.54 per cent and 1.08 per cent respectively in Q1FY17.
The share price of Axis Bank has increased by 1.49 per cent on bourses; and closed at Rs 529.05 on intraday basis.