Federal Bank net profit at Rs. 264 cr

DCB Bank results

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Following the dent in the asset quality of the Axis Bank, the shares of the State Bank of India and ICICI Bank on Wednesday also fell by over 2% in an early trade. Nifty PSU Bank fell 1.6%, while Nifty Private Bank declined 1.2%.

Axis Bank has posted weak quarterly earnings primarily due to a spike in bad loans and rise in provisions that hurt its profits.

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Its gross non-performing assets ratio moved up to 1.80 per cent from the 1.75 per cent a year ago and as a result fresh slippages came in at Rs 77.5 crore and were driven by the retail loans, including mortgages and commercial vehicles, Natrajan said. At the end of September, gross and net NPA ratio stood at 5.90% and 3.12%, respectively.

Asset quality of the bank deteriorated further as GNPA's for the quarter rose by nearly 67% yoy to Rs 27402 crore.

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The bank said that the Reserve Bank of India (RBI) has pointed out certain reclassifications in the bank's asset classification and provisioning as on 31 March, subsequent to the annual Risk Based Supervision (RBS) exercise conducted for fiscal 2017. But its corporate lending continued to suffer with rising bad loans, and its retail segment profitability was dented with a fall in pre-tax profit. For the quarter on review, gross NPAs rose to Rs 27,402 compared to Rs 22,031 crore at the June ended quarter, the company said in the statement.

"Dismal asset quality took the sheen off of an otherwise operationally stable September quarter with over 16% loan growth and sustained momentum in retail franchise". According to Thomson Reuters Eikon data 19 out of 48 analysts covering the stock rate it at "buy", 16 have "hold", while 13 have a "sell" rating.

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