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Axis Bank, Lakshmi Vilas Bank, Federal Bank fall post June quarter results.pdf

Shares of Axis Bank, Lakshmi Vilas Bank and Federal Bank were down by up to 6% on BSE in otherwise firm market after the banks reported poor financial results for the quarter ended June 2017 (Q1FY18).

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Axis Bank, Lakshmi Vilas Bank, Federal Bank fall post June quarter results.pdf

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  1. Axis Bank, Lakshmi Vilas Bank, Axis Bank, Lakshmi Vilas Bank, Federal Bank fall post June quarter Federal Bank fall post June quarter results results Lakshmi Vilas Bank and Federal Bank were down 6%, while Axis Bank down 4% Lakshmi Vilas Bank and Federal Bank were down 6%, while Axis Bank down 4% on BSE in intra-day trade on BSE in intra-day trade Markets on a roll! 120 Nifty500 stocks hit one-year high in July .The Sensex and Nifty have added over 4% so far in July

  2. Shares of Axis Bank, Lakshmi Vilas Bank and Federal Bank were down by up to 6% on BSE in otherwise firm market after the banks reported poor financial results for the quarter ended June 2017 (Q1FY18). Federal Bank Rs 112 on BSE in intra-day trade after the bank reported a lower than expected 26% year on year (Y-o-Y) growth in net profit at Rs 210 crore in Q1FY18 against Rs 167 crore in year ago quarter. Net interest income during the quarter under review grew 16% to Rs 801 crore from Rs 692 crore in the corresponding quarter of previous fiscal. Net interest margin contracted 15 bps to 3.13% from 3.28% in Q1FY17. Analysts on an average had expected profit of Rs 255 crore on net income of Rs 927 crore for the quarter. Lakshmi Villas Bank too lost 6% to Rs 183 after the lender reported 8.9% Y-o-Y rise in its net profit at Rs 66.12 crore in Q1FY18. It had recorded Rs 60.68 crore during corresponding quarter of previous year. Assets quality deteriorated with gross non-performing assets, as a percentage of net advances by June 30, 2017, rose to 3.78% during the quarter under review, compared to 2.14% in the same period last year. Net NPAs stood at 2.84% as on June 30, 2017 from 1.30% at the end of June 2016. Axis Bank was down 4% to Rs 525 in intra-day deal after the company reported 16% Y-o-Y decline in net profit at Rs 1,306 crore in Q1FY18, as bad loans almost doubled during the quarter. The bank had posted profit of Rs 1,556 crore in year ago quarter. Gross NPAs of the bank almost doubled to 5.03% as on June 30 this year, from 2.54% on June 30, 2016. Net NPAs or bad loans increased to 2.30 per cent of net advances furnished by June-end from 1.08 per cent a year earlier. → Read Full Article

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