Personal loan lender Axis bank displays good performance in Q1
by 20, July, 2010 0 |
The 1st quarter of FY 2010-has been pretty good for the 3rd biggest private sector personal loan lender, Axis Bank. Though the bank has shown profit increase in line its profits reported in the earlier 3 quarters, the highlight of the bank this time is the 39% increase in its loan book on a y-o-y basis.
With the total banking credit nearing 20% for Q1, it is quite clear that the likelihood of any other bank increasing its loan book at a speed faster than Axis Bank is pretty impossible.
In the June quarter the bank’s credit to big and mid corporates went up by 55%. Simultaneously the bank could retain the quality of its assets. The non performing asset (NPA) point of the bank has fallen in this quarter.
The net NPAs for the June quarter were 0.35% of advances as against the 0.41% for the same period previous year.
There was a fall in the percentage of CASA deposits of the bank. By the end of Q1, the CASA deposits comprised 40% of the bank’s total deposits.
The bank’s provision coverage ratio is 77% which exceeds the 70% limit fixed by banking regulator, RBI.
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