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Thread: Axis Bank Q4 net profit up 20%
04-28-2012, 09:34 AM #1
Axis Bank Q4 net profit up 20%
Private sector lender Axis Bank clocked 20.3 per cent jump in net profit at Rs 1,277.27 crore for the fourth quarter ended March 31, 2012.
The bank had a net profit of Rs 1,020.11 crore in the same quarter last fiscal, Axis Bank informed the BSE.
Total income of the bank rose to Rs 7,647.94 crore in the January-March quarter compared to Rs 5,817.06 crore in the same period previous fiscal.
The lender's interest income improved to Rs 6,060.32 crore during the quarter against Rs 4,366.6 crore in the same period a year ago.
The bank proposed a dividend of 160 per cent, or Rs 16, per share for 2011-2012.
For the entire fiscal ended March, 2012, the bank's net profit grew by 25 per cent at Rs 4,242.21 crore, compared to Rs 3,388.4 crore in the previous financial year.
Total income increased to Rs 27,414.87 crore during the year, compared to Rs 19,786.9 crore in the previous fiscal.
Consolidated net profit of the bank increased to Rs 4,219.78 crore in 2011-2012 compared to Rs 3,339.9 crore a year ago.
Capital Adequacy Ratio of the bank stood at 13.66 per cent at the end of March 2012.
Meanwhile, the board of Axis Bank has also approved the reassessment of the valuation of the Enam Securities Private Ltd at Rs 1,396 crore and consequently in consideration of demerger, the bank will issue shares in the ratio of 5 equity shares of bank for every 1 equity share held by shareholders of the Enam.
The revised scheme would be subject to necessary regulatory approval, it said. However, the restructured deal has been approved by RBI during the fourth quarter, it added.
Earlier, Enam shareholders were to receive 5.7 shares of Axis Bank for every one share held in of the financial services provider as part of the agreement.
This would have resulted into about 3.3 per cent equity stake of Axis Bank on enlarged capital.
The bank had to reassess the valuation as RBI had asked for restructuring and the modification has been carried accordingly.
Axis Bank had announced the acquisition of investment banking arm of Enam Securities for a consideration of Rs 2,067 crore in an all-stock deal that comprises equity distribution arm, investment banking unit and corporate advisory services.